-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FoAmE6fgsiXP3qJ7pwwO9lGZL4NE6n1m6MOTm/hpf4OsFpFH1XpqZc39wyApTVxn eZE3pHIw+phHOQTeSm00cA== 0000950135-08-007717.txt : 20081203 0000950135-08-007717.hdr.sgml : 20081203 20081203173021 ACCESSION NUMBER: 0000950135-08-007717 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20080930 FILED AS OF DATE: 20081203 DATE AS OF CHANGE: 20081203 EFFECTIVENESS DATE: 20081203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SPDR INDEX SHARES FUNDS (Formerly streetTRACKS Index Shares Funds) CENTRAL INDEX KEY: 0001168164 IRS NUMBER: 421537593 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-21145 FILM NUMBER: 081228274 BUSINESS ADDRESS: STREET 1: C/O STATE STREET BANK AND TRUST STREET 2: ONE LINCOLN STREET, LCC 6 CITY: BOSTON STATE: MA ZIP: 02111 BUSINESS PHONE: 617-662-3909 MAIL ADDRESS: STREET 1: C/O STATE STREET BANK AND TRUST STREET 2: ONE LINCOLN STREET, LCC 6 CITY: BOSTON STATE: MA ZIP: 02111 FORMER COMPANY: FORMER CONFORMED NAME: STREETTRACKS INDEX SHARES FUNDS (Formerly Fresco Index Shares Funds) DATE OF NAME CHANGE: 20041202 FORMER COMPANY: FORMER CONFORMED NAME: FRESCO INDEX SHARES FUNDS DATE OF NAME CHANGE: 20020225 0001168164 S000006391 SPDR(R) DJ STOXX 50(R) ETF C000017549 SPDR(R) DJ STOXX 50(R) ETF FEU 0001168164 S000006392 SPDR(R) DJ EURO STOXX 50(R) ETF C000017550 SPDR(R) DJ EURO STOXX 50(R) ETF FEZ 0001168164 S000014037 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF C000038336 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF 0001168164 S000014038 SPDR(R) S&P(R) World ex-US ETF C000038337 SPDR(R) S&P(R) World ex-US ETF 0001168164 S000014039 SPDR(R) S&P(R) International Small Cap ETF C000038338 SPDR(R) S&P(R) International Small Cap ETF 0001168164 S000014040 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF C000038339 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF 0001168164 S000014041 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF C000038340 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF 0001168164 S000014042 SPDR(R) MSCI ACWI EX-US ETF C000038341 SPDR(R) MSCI ACWI EX-US ETF 0001168164 S000014043 SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF C000038342 SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF 0001168164 S000014044 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF C000038343 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF 0001168164 S000014046 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF C000038345 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF 0001168164 S000014047 SPDR(R) S&P(R) CHINA ETF C000038346 SPDR(R) S&P(R) CHINA ETF 0001168164 S000014048 SPDR(R) S&P(R) EMERGING MARKETS ETF C000038347 SPDR(R) S&P(R) EMERGING MARKETS ETF 0001168164 S000014049 SPDR(R) S&P(R) BRIC 40 ETF C000038348 SPDR(R) S&P(R) BRIC 40 ETF 0001168164 S000014051 SPDR(R) S&P(R) EMERGING EUROPE ETF C000038350 SPDR(R) S&P(R) EMERGING EUROPE ETF 0001168164 S000014052 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF C000038351 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF 0001168164 S000020665 SPDR (R) S&P (R) International Dividend ETF C000057694 SPDR (R) S&P (R) International Dividend ETF DWX 0001168164 S000021246 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF C000060581 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF 0001168164 S000021247 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF C000060582 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF 0001168164 S000021764 SPDR(R) DJ Wilshire Global Real Estate ETF C000062489 SPDR(R) DJ Wilshire Global Real Estate ETF 0001168164 S000022741 SPDR(R) S&P(R) International Consumer Discretionary Sector ETF C000065794 SPDR(R) S&P(R) International Consumer Discretionary Sector ETF 0001168164 S000022742 SPDR(R) S&P(R) International Utilities Sector ETF C000065795 SPDR(R) S&P(R) International Utilities Sector ETF 0001168164 S000022743 SPDR(R) S&P(R) International Consumer Staples Sector ETF C000065796 SPDR(R) S&P(R) International Consumer Staples Sector ETF 0001168164 S000022744 SPDR(R) S&P(R) International Energy Sector ETF C000065797 SPDR(R) S&P(R) International Energy Sector ETF 0001168164 S000022745 SPDR(R) S&P(R) International Financial Sector ETF C000065798 SPDR(R) S&P(R) International Financial Sector ETF 0001168164 S000022746 SPDR(R) S&P(R) International Health Care Sector ETF C000065799 SPDR(R) S&P(R) International Health Care Sector ETF 0001168164 S000022747 SPDR(R) S&P(R) International Industrial Sector ETF C000065800 SPDR(R) S&P(R) International Industrial Sector ETF 0001168164 S000022748 SPDR(R) S&P(R) International Materials Sector ETF C000065801 SPDR(R) S&P(R) International Materials Sector ETF 0001168164 S000022749 SPDR(R) S&P(R) International Technology Sector ETF C000065802 SPDR(R) S&P(R) International Technology Sector ETF 0001168164 S000022750 SPDR(R) S&P(R) International Telecommunications Sector ETF C000065803 SPDR(R) S&P(R) International Telecommunications Sector ETF N-CSR 1 b72426a1nvcsr.txt SPDR(R) INDEX SHARES FUNDS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-21145 ---------- SPDR(R) INDEX SHARES FUNDS (Exact name of registrant as specified in charter) One Lincoln Street, Boston, Massachusetts 02111 (Address of principal executive offices) (zip code) (Name and Address of Agent for Service) Copy to: Ryan M. Louvar, Esq. W. John McGuire, Esq. State Street Bank and Trust Company Morgan, Lewis & Bockius LLP One Lincoln Street/CPH0326 1111 Pennsylvania Avenue, N.W. Boston, MA 02111 Washington, DC 20004
Registrant's telephone number, including area code: (866) 787-2257 Date of fiscal year end: September 30 Date of reporting period: September 30, 2008 ITEM 1. REPORTS TO SHAREHOLDERS. ANNUAL REPORT September 30, 2008 (SPDR(R) LOGO) STATE STREET GLOBAL ADVISORS PRECISE IN A WORLD THAT ISN'T.(SM) TABLE OF CONTENTS PRESIDENT'S LETTER TO SHAREHOLDERS............................... 1 MANAGEMENT DISCUSSIONS OF FUND PERFORMANCE AND PORTFOLIO SUMMARIES...................................................... 2 SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 2 SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 6 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 10 SPDR(R) S&P(R) CHINA ETF (GXC)................................. 15 SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 19 SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 24 SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 29 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 34 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 39 SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 44 SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 49 SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 54 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 59 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 60 SPDR(R) DJ WILSHIRE GLOBAL REAL ESTATE ETF (RWO)............... 61 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 62 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 67 SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 71 SPDR(R) RUSSELL/NOMURA PRIME(TM) JAPAN ETF (JPP)............... 75 SPDR(R) RUSSELL/NOMURA SMALL CAP(TM) JAPAN ETF (JSC)........... 79 SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (IPD)....................................................... 83 SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF (IPS)....................................................... 84 SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 85 SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 86 SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IRY)...... 87 SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 88 SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IRV)........ 89 SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 90 SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (IST)....................................................... 91 SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 92 SCHEDULES OF INVESTMENTS SPDR(R) DJ STOXX 50(R) ETF (FEU)............................... 93 SPDR(R) DJ EURO STOXX 50(R) ETF (FEZ).......................... 94 SPDR(R) S&P(R) EMERGING ASIA PACIFIC ETF (GMF)................. 95 SPDR(R) S&P(R) CHINA ETF (GXC)................................. 98 SPDR(R) S&P(R) EMERGING MARKETS ETF (GMM)...................... 101 SPDR(R) S&P(R) BRIC 40 ETF (BIK)............................... 107 SPDR(R) S&P(R) EMERGING EUROPE ETF (GUR)....................... 108 SPDR(R) S&P(R) EMERGING LATIN AMERICA ETF (GML)................ 109 SPDR(R) S&P(R) EMERGING MIDDLE EAST & AFRICA ETF (GAF)......... 111 SPDR(R) S&P(R) WORLD EX-US ETF (GWL)........................... 113
SPDR(R) S&P(R) INTERNATIONAL SMALL CAP ETF (GWX)............... 120 SPDR(R) S&P(R) INTERNATIONAL DIVIDEND ETF (DWX)................ 126 SPDR(R) S&P(R) INTERNATIONAL MID CAP ETF (MDD)................. 128 SPDR(R) S&P(R) EMERGING MARKETS SMALL CAP ETF (EWX)............ 132 SPDR(R) DJ WILSHIRE GLOBAL REAL ESTATE ETF (RWO)............... 135 SPDR(R) DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (RWX)........ 138 SPDR(R) FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (GII)..... 140 SPDR(R) MSCI ACWI EX-US ETF (CWI).............................. 142 SPDR(R) RUSSELL/NOMURA PRIME JAPAN ETF (JPP)................... 149 SPDR(R) RUSSELL/NOMURA SMALL CAP JAPAN ETF (JSC)............... 154 SPDR(R) S&P(R) INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF (IPD)....................................................... 159 SPDR(R) S&P(R) INTERNATIONAL CONSUMER STAPLES SECTOR ETF (IPS)....................................................... 161 SPDR(R) S&P(R) INTERNATIONAL ENERGY SECTOR ETF (IPW)........... 162 SPDR(R) S&P(R) INTERNATIONAL FINANCIAL SECTOR ETF (IPF)........ 163 SPDR(R) S&P(R) INTERNATIONAL HEALTH CARE SECTOR ETF (IPY)...... 165 SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF (IPN)....... 167 SPDR(R) S&P(R) INTERNATIONAL MATERIALS SECTOR ETF (IPV)........ 169 SPDR(R) S&P(R) INTERNATIONAL TECHNOLOGY SECTOR ETF (IPK)....... 171 SPDR(R) S&P(R) INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF (IST)....................................................... 173 SPDR(R) S&P(R) INTERNATIONAL UTILITIES SECTOR ETF (IPU)........ 174 FINANCIAL STATEMENTS............................................. 176 FINANCIAL HIGHLIGHTS............................................. 206 NOTES TO FINANCIAL STATEMENTS.................................... 216 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.......... 231 OTHER INFORMATION................................................ 232
(Logo/annual report) PRESIDENT'S LETTER TO SHAREHOLDERS Dear Shareholders, Enclosed, please find a copy of the annual report for the period ended September 30, 2008. In the past year, we have continued our efforts to develop new and valuable additions to our family of SPDR exchange-traded funds ("ETFs"). State Street has launched 20 new SPDR ETFs so far in 2008, offering investors exposure to segments of the global stock markets and targeted international sectors, as well as fixed income. NEW INTERNATIONAL AND EMERGING MARKET SPDRS The new International SPDRs cover key segments of the developed and emerging international and global markets and include: - SPDR S&P International Mid Cap ETF (Ticker Symbol: MDD) - SPDR S&P International Dividend ETF (Ticker Symbol: DWX) - SPDR DJ Wilshire Global Real Estate ETF (Ticker Symbol: RWO) - SPDR S&P Emerging Markets Small Cap ETF (Ticker Symbol: EWX) The new family of International Sector SPDRs, a suite of ten sector-specific ETFs, includes: - SPDR S&P International Consumer Discretionary Sector ETF (Ticker Symbol: IPD) - SPDR S&P International Consumer Staples Sector ETF (Ticker Symbol: IPS) - SPDR S&P International Energy Sector ETF (Ticker Symbol: IPW) - SPDR S&P International Financial Sector ETF (Ticker Symbol: IPF) - SPDR S&P International Health Care Sector ETF (Ticker Symbol: IRY) - SPDR S&P International Industrial Sector ETF (Ticker Symbol: IPN) - SPDR S&P International Materials Sector ETF (Ticker Symbol: IRV) - SPDR S&P International Technology Sector ETF (Ticker Symbol: IPK) - SPDR S&P International Telecommunications Sector ETF (Ticker Symbol: IST) - SPDR S&P International Utilities Sector ETF (Ticker Symbol: IPU) NEW FIXED INCOME SPDRS State Street also introduced new fixed income SPDRs to provide precise bond and cash exposure at highly competitive expense ratios. - SPDR DB International Inflation-Protected Government Bond ETF (Ticker Symbol: WIP) - SPDR Lehman High Yield Bond ETF (Ticker Symbol: JNK) - SPDR Lehman California Municipal Bond ETF (Ticker Symbol: CXA) - SPDR Lehman New York Municipal Bond ETF (Ticker Symbol: INY) - SPDR Lehman Short Term Municipal Bond ETF (Ticker Symbol: SHM) - SPDR Lehman International Treasury Bond ETF (Ticker Symbol: BWX) Each of these new ETFs was created to meet the demands of our investors. We look forward to launching new ETFs that will provide additional opportunities for those looking to diversify their portfolios. Given State Street's heritage as the industry's pioneer, my colleagues and I take great pride in these new additions to our SPDR family and we look forward to continuing to help you reach your investment goals. The past year has been difficult as investors everywhere struggled with volatile and uncertain market conditions. On behalf of the SPDR Index Shares Funds, I thank you for your continued support. Sincerely, /s/ James Ross James Ross President 1 (Logo/Annual Report) SPDR DJ STOXX 50 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) DJ STOXX 50(R) ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones STOXX 50(R) Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy designed to track the price and yield performance of the Index. For the twelve-month period ended September 30, 2008 the Fund returned -29.27% and the Index returned -29.41%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. All sectors in the Index posted double-digit negative returns as investors fled risky assets in the latter part of the year. Information Technology, Consumer Discretionary and Financials were particularly weak, while defensive sectors like Health Care and Consumer Staples were relatively strong performers. The largest detractor to performance was the Index's heavy weighting in Financials. All 50 names in the Index were down for the year. Amongst the larger detractors were Nokia, and Unicredito Italiano. Nokia was hurt by weaker than expected results and Unicredito was caught in the credit crisis. While the news this year has been grim, governments and central banks around the world have acted to stabilize markets with dramatically increased liquidity, cash investments in banks, and programs to increase liquidity in the short-term debt markets. As these programs begin to take hold, there is reason for some optimism from investors. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 2 (Logo/Annual Report) SPDR DJ STOXX 50 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.30%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.27% -28.28% -29.41% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/08 3.15% 4.80% 3.33% -------------------------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 9/30/08 53.20% 55.01% 54.30% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 72.80% 75.56% 74.16% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.27% -28.28% -29.41% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/08 1.04% 1.58% 1.10% -------------------------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 9/30/08 8.91% 9.16% 9.06% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 9.61% 9.90% 9.75%
(1) For the period October 15, 2002 to September 30, 2008. 3 (Logo/Annual Report) SPDR DJ STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ STOXX 50 ETF (BASED ON NET ASSET VALUE) LINE GRAPH
DOW JONES STOXX 50 SPDR DJ INDEX - STOXX 50 US DOLLAR ETF DENOMINATED -------- ----------- 10/15/02 10000 10000 12/31/02 10059 9978 3/31/03 9129 9132 6/30/03 11098 11096 9/30/03 11279 11287 12/31/03 13631 13660 3/31/04 13384 13423 6/30/04 13524 13552 9/30/04 13776 13815 12/31/04 15710 15814 3/31/05 15626 15695 6/30/05 15612 15682 9/30/05 16751 16856 12/31/05 16872 16994 3/31/06 18242 18401 6/30/06 18818 18954 9/30/06 19666 19835 12/31/06 21383 21577 3/31/07 21801 22014 6/30/07 23864 24079 9/30/07 24429 24672 12/31/07 24300 24556 3/31/08 21760 21990 6/30/08 21237 21420 9/30/08 17280 17416
4 (Logo/Annual Report) SPDR DJ STOXX 50 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------- DESCRIPTION HSBC HOLDINGS PLC NESTLE SA BP PLC NOVARTIS AG ------------------------------------------------------------------------------------------------------- MARKET VALUE $4,276,019 3,646,951 3,437,692 2,831,653 ------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.6% 4.8 4.5 3.7 ------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------- DESCRIPTION TOTAL SA ----------------------------------------------------------------- MARKET VALUE 2,796,776 ----------------------------------------------------------------- % OF NET ASSETS 3.7 -----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Banks 23.2% Health Care 14.3 Oil & Gas 13.0 Telecommunications 9.0 Food & Beverage 7.3 Basic Resources 5.7 Insurance 5.7 Utilities 5.7 Technology 4.2 Industrial Goods & Services 3.4 Chemicals 2.9 Personal & Household Goods 2.1 Retail 1.6 Automobiles & Parts 1.3 Short Term Investments 2.4 Other Assets & Liabilities (1.8) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 5 (Logo/Annual Report) SPDR DJ EURO STOXX 50 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) DJ EURO STOXX 50(R) ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones EURO STOXX 50(R) Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy designed to track the price and yield performance of the Index. For the twelve month period ended September 30, 2008 the Fund returned -29.00% and the Index returned -29.28%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States cease to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. All of the sectors in the Index fell over the last year. The sectors more sensitive to economic cycles felt the most pain as investors reacted to a looming economic slowdown. Industrial and Technology stocks fell. Consumer Discretionary stocks fell in general, but were aided by a very strong year by Volkswagen. Although still posting a loss, the traditionally defensive sector Health Care was the best performing sector. At the stock level, the biggest contributors to the negative return were Nokia and Unicredito Italiano. Nokia was hurt by weaker than expected results and Unicredito was caught in the credit crisis. While much of the news was bleak, there were some bright spots. Central Banks around the world lowered rates and increased liquidity in the cash markets. In addition, many countries set plans in motion to support credit markets and financial institutions. These actions give hope for a recovery in the future. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 6 (Logo/Annual Report) SPDR DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/15/02, 10/21/02, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ EURO STOXX 50 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.30%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES EURO STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.00% -27.73% -29.28% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/08 12.84% 15.17% 12.10% -------------------------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 9/30/08 74.95% 77.92% 74.02% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 105.50% 109.32% 104.15% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE DOW JONES EURO STOXX 50 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.00% -27.73% -29.28% -------------------------------------------------------------------------------------------------------------------- THREE YEARS ENDED 9/30/08 4.11% 4.82% 3.88% -------------------------------------------------------------------------------------------------------------------- FIVE YEARS ENDED 9/30/08 11.84% 12.21% 11.72% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 12.84% 13.19% 12.72% --------------------------------------------------------------------------------------------------------------------
(1) For the period October 15, 2002 to September 30, 2008. 7 (Logo/Annual Report) SPDR DJ EURO STOXX 50 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ EURO STOXX 50 ETF (BASED ON NET ASSET VALUE) LINE GRAPH
DOW JONES EURO STOXX 50 SPDR DJ INDEX - EURO STOXX US DOLLAR 50 ETF DENOMINATED ---------- ----------- 10/15/02 10000 10000 12/31/02 10343 10283 3/31/03 9148 9156 6/30/03 11657 11641 9/30/03 11746 11732 12/31/03 14658 14657 3/31/04 14443 14452 6/30/04 14685 14664 9/30/04 14590 14562 12/31/04 17299 17325 3/31/05 17161 17147 6/30/05 16958 16927 9/30/05 18211 18212 12/31/05 18626 18636 3/31/06 20603 20633 6/30/06 21028 21004 9/30/06 22306 22297 12/31/06 24591 24595 3/31/07 25448 25238 6/30/07 28094 28022 9/30/07 28944 28868 12/31/07 29961 29884 3/31/08 26801 26755 6/30/08 25335 25184 9/30/08 20550 20415
8 (Logo/Annual Report) SPDR DJ EURO STOXX 50 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------ DESCRIPTION TOTAL SA TELEFONICA SA E. ON AG BANCO SANTANDER SA ------------------------------------------------------------------------------------------------------------ MARKET VALUE $12,683,848 9,745,884 9,362,177 9,267,721 ------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 5.7% 4.3 4.2 4.1 ------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------- DESCRIPTION BNP PARIBAS SA --------------------------------------------------------------- MARKET VALUE 8,003,065 --------------------------------------------------------------- % OF NET ASSETS 3.6 ---------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Banks 20.0% Utilities 12.1 Insurance 10.8 Oil & Gas 9.5 Telecommunications 9.4 Chemicals 5.8 Technology 5.2 Automobiles & Parts 5.1 Industrial Goods & Services 5.0 Food & Beverage 3.4 Personal & Household Goods 3.3 Health Care 3.0% Basic Resources 1.7 Construction & Materials 1.7 Media 1.6 Retail 1.3 Financial Services 0.8 Short Term Investments 2.8 Other Assets & Liabilities (2.5) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 9 (Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) Emerging Asia Pacific ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup(R) BMI Asia Pacific Emerging Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -36.95% and the Index returned -39.59%. Index returns do not reflect deductions for fees and expenses associated with investing in the fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States cease to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full year. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. China is the largest market in the Index for the period. China is still expected to grow next year, but posted negative performance for the period. With $1.8 trillion in reserves, the government has substantial policy flexibility. In September 2008, the Chinese authorities cut reserve requirements for most banks by 50 basis points, but stocks fell 20.4% in that month alone. In fact, Chinese stocks have fallen almost 50% over the fiscal year. There is great apprehension among investors that property market busts in the US and Europe will be accompanied by a similar bust in China. In the last quarter of the period, the Olympic Games took place in Beijing without a major hitch. While economic indicators appear to remain favorable for China, its economic performance in the next eighteen months will be key to the evolution of the global economy. Stocks also plunged in Taiwan, particularly in the financial sector as investor fears regarding sub-prime mortgages spread to Taiwan banks. Despite optimism in the recent developments in its relationship with China, Taiwan stock performance was also down for the period. Some examples of these developments include Taiwanese approval of a bill that will allow the Chinese Yuan to be exchanged at the island's banks. In addition, Taiwan and China also reached deals to expand tourism and to partly roll back a decade-old ban on direct air traffic. 10 (Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) Inflation in Asia in general appears to be slowing, but India's inflation rate is expected to run about 12% through the end of 2008. Investors are concerned that a global slowdown will negatively impact India's information technology industry. Given the sharp rise of property prices in recent months, there is also a pervasive fear of a decline in property value. One of the best performing countries last year, India experienced a downward spiral during the period. Among the smaller markets, Malaysia, Indonesia and Pakistan (which encountered substantial political violence including the assassination of Mrs. Bhutto) all fell significantly as well. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 11 (Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING ASIA PACIFIC ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE ASIA PACIFIC EMERGING INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -36.95% -36.57% -39.59% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -8.56% -7.96% -11.18% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE ASIA PACIFIC EMERGING INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -36.95% -36.57% -39.59% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -5.67% -5.27% -7.44% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 12 (Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING ASIA PACIFIC ETF (BASED ON NET ASSET VALUE) (Line Graph
S&P/CITIGROUP BMI SPDR S&P ASIA PACIFIC EMERGING ASIA EMERGING INDEX PACIFIC ETF ------------- ----------------- 10000 10000 3/20/07 10191 10276 4/30/07 10650 10718 5/31/07 11262 11400 6/30/07 12073 12233 7/31/07 12791 13117 8/31/07 12854 13016 9/30/07 14503 14702 10/31/07 16435 16401 11/30/07 14890 14924 12/31/07 14764 14986 1/31/08 12701 12746 2/29/08 13580 13726 3/31/08 12734 12793 4/30/08 13878 13876 5/31/08 13335 13255 6/30/08 11729 11504 7/31/08 11657 11460 8/31/08 11116 10950 9/30/08 9144 8882
13 (Logo/Annual Report) SPDR S&P EMERGING ASIA PACIFIC ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------- DESCRIPTION CHINA MOBILE, TAIWAN SEMICONDUCTOR RELIANCE LTD. MANUFACTURING CO., LTD. ADR INDUSTRIES, LTD. GDR ---------------------------------------------------------------------------------------------------------------- MARKET VALUE $7,543,427 6,041,542 4,731,904 ---------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.6% 3.7 2.9 ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------ DESCRIPTION CHINA LIFE PETROCHINA INSURANCE CO., LTD. CO., LTD. ------------------------------------------------------------------------------------------ MARKET VALUE 4,385,662 3,615,889 ------------------------------------------------------------------------------------------ % OF NET ASSETS 2.7 2.2 ------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 12.9% Commercial Banks 12.6 Wireless Telecommunication Services 9.0 Semiconductors & Semiconductor Equipment 7.8 Computers & Peripherals 5.2 Electronic Equipment & Instruments 4.7 Insurance 4.4 Chemicals 3.0 Automobiles 2.8 Metals & Mining 2.6 Diversified Telecommunication Services 2.6 IT Services 2.5 Transportation Infrastructure 2.3 Internet Software & Services 2.3 Electrical Equipment 2.2 Real Estate Management & Development 1.9 Food Products 1.5 Hotels, Restaurants & Leisure 1.4 Media 1.4 Diversified Financial Services 1.3 Construction & Engineering 1.2 Thrifts & Mortgage Finance 1.2 Electric Utilities 1.1 Marine 1.1 Construction Materials 1.1 Beverages 1.0 Capital Markets 0.9 Household Products 0.8 Independent Power Producers & Energy Traders 0.8 Industrial Conglomerates 0.7 Energy Equipment & Services 0.6 Airlines 0.6 Tobacco 0.6 Textiles, Apparel & Luxury Goods 0.5 Distributors 0.4 Pharmaceuticals 0.4 Gas Utilities 0.3 Health Care Providers & Services 0.3 Machinery 0.3 Leisure Equipment & Products 0.2 Paper & Forest Products 0.0** Short Term Investments 4.7 Other Assets & Liabilities (3.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 14 (Logo/Annual Report) SPDR S&P CHINA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) China ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup(R) BMI China Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -45.26% and the Index returned -46.69%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929 and the Great Depression. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. The favorable run that Chinese stocks had been enjoying came to a halt over the past twelve months. The People's Bank of China made several increases over the course of the year to the required reserve ratio in an attempt to absorb excess liquidity from the banking sector. Additionally, the government introduced several pricing policies to the market aimed at balancing supply and demand: a) increasing oil refinery product prices by 16-25%, b) increasing electricity prices by 4.7%, and c) putting a nationwide cap on coal prices. Despite these changes, domestic inflation concerns continued to impact the market. While China remains the largest market in Emerging Asia, there is great apprehension among investors that property market busts in the US and Europe will be accompanied by a similar bust in China. Economic indicators appear to remain favorable, including a 9.5% growth target for next year and $1.8 trillion in reserves, however, China's economic performance over the next 18 months will be key to the evolution of the global economy. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 15 (Logo/Annual Report) SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P CHINA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -45.26% -44.43% -46.69% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -1.11% -0.17% -2.52% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE S&P/CITIGROUP BMI CHINA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -45.26% -44.43% -46.69% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -0.73% -0.11% -1.63% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 16 (Logo/Annual Report) SPDR S&P CHINA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P CHINA ETF (BASED ON NET ASSET VALUE) (Line Graph
S&P/CITIGROUP BMI SPDR S&P CHINA INDEX CHINA ETF --------- ----------------- 10000 10000 3/20/07 10355 10373 4/30/07 10719 10820 5/31/07 11550 11742 6/30/07 12839 12985 7/31/07 14141 14345 8/31/07 15073 15260 9/30/07 18064 18286 10/31/07 21101 21239 11/30/07 18485 18546 12/31/07 17666 17837 1/31/08 13858 14018 2/29/08 15216 15335 3/31/08 13299 13440 4/30/08 15518 15470 5/31/08 14890 14882 6/30/08 13089 13029 7/31/08 13346 13278 8/31/08 12441 12240 9/30/08 9889 9748
17 (Logo/Annual Report) SPDR S&P CHINA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION CHINA MOBILE, CHINA LIFE INSURANCE CHINA CONSTRUCTION PETROCHINA LTD. CO., LTD. BANK CORP. CO., LTD. ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $16,594,557 9,501,530 7,760,237 7,329,912 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 13.5% 7.7 6.3 6.0 ---------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------- DESCRIPTION INDUSTRIAL & COMMERCIAL BANK OF CHINA ----------------------------------------------------------------- MARKET VALUE 7,098,562 ----------------------------------------------------------------- % OF NET ASSETS 5.8 -----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 18.8% Commercial Banks 18.0 Wireless Telecommunication Services 14.7 Insurance 10.7 Internet Software & Services 4.5 Transportation Infrastructure 3.3 Diversified Telecommunication Services 2.9 Real Estate Management & Development 2.7 Food Products 2.4 Independent Power Producers & Energy Traders 2.3 Electrical Equipment 2.3 Metals & Mining 2.2 Marine 1.6 Construction & Engineering 1.2 Distributors 1.0 Hotels, Restaurants & Leisure 1.0 Automobiles 0.9 Construction Materials 0.8 Media 0.8 Chemicals 0.7 Computers & Peripherals 0.6 Energy Equipment & Services 0.6 Multiline Retail 0.5 Communications Equipment 0.5 Leisure Equipment & Products 0.4 Industrial Conglomerates 0.4 Airlines 0.3 Textiles, Apparel & Luxury Goods 0.3 Paper & Forest Products 0.3 Road & Rail 0.3 Machinery 0.3 Health Care Equipment & Supplies 0.2 Beverages 0.2 Semiconductors & Semiconductor Equipment 0.2 Software 0.2 Water Utilities 0.2 Air Freight & Logistics 0.1 IT Services 0.1 Biotechnology 0.1 Commercial Services & Supplies 0.1 Short Term Investments 3.5 Other Assets & Liabilities (2.2) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 18 (Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) Emerging Markets ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup(R) BMI Emerging Markets Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -29.77% and the Index returned -31.95%. Index returns do not reflect deductions for fees and expenses associated with investing in the fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. During the twelve month period, the Fund has been negatively impacted by many of the same factors impacting stock markets around the globe. One of these has been a slowing in global demand. While many of the emerging markets are still expected to post better growth than the developed markets, these numbers have nevertheless been dramatically reduced in many cases. Another factor that negatively impacted the Fund's return during this period was the ongoing credit crunch which took on historical proportions during September 2008 as corporate financing and inter-bank lending essentially seized up. A third factor behind this decline was a significant decrease in general risk appetite which when coupled with market closings and the institution of price floors in some of the emerging markets led to a difficult environment for the Fund. Another factor that impacted the Funds' return was the significant decline during the last quarter of the period in commodity prices. This has a particularly negative influence on the emerging markets which are typically more commodity rich than their developed market counterparts. Finally, the emerging markets were hurt by an increasing acceptance that the world was either in or will move into a recessionary state and that the interconnectedness of the global markets will not prevent problems in one arena from dramatically spilling over into the emerging markets. 19 (Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) For the period, the two currencies with the greatest depreciation relative to the US dollar were the South Korean won and the Pakistan rupee. Conversely, the Israeli Sheckel and the Czech Koruna were the best performing currencies relative to the US dollar. In general, currencies were more volatile during this period. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 20 (Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING MARKETS ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE EMERGING MARKETS INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.77% -29.33% -31.95% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -5.05% -4.27% -7.62% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE EMERGING MARKETS INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.77% -29.33% -31.95% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -3.33% -2.80% -5.04% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 21 (Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING MARKETS ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING MARKETS EMERGING MARKETS ETF INDEX ---------------- ----------------- 10000 10000 3/20/07 10338 10389 4/30/07 10818 10863 5/31/07 11294 11357 6/30/07 11823 11927 7/31/07 12305 12467 8/31/07 12156 12226 9/30/07 13520 13575 10/31/07 15145 15078 11/30/07 14085 14146 12/31/07 14134 14295 1/31/08 12448 12516 2/29/08 13329 13474 3/31/08 12706 12786 4/30/08 13774 13744 5/31/08 14123 14066 6/30/08 12780 12676 7/31/08 12302 12203 8/31/08 11498 11338 9/30/08 9495 9238
22 (Logo/Annual Report) SPDR S&P EMERGING MARKETS ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION PETROLEO GAZPROM COMPANHIA VALE CHINA MOBILE, LTD. BRASILEIRO SA ADR OAO ADR DO RIO DOCE ADR -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,654,256 1,521,378 992,369 772,531 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 4.6% 4.2 2.7 2.1 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------- DESCRIPTION AMERICA MOVIL SAB DE CV ----------------------------------------------------------- MARKET VALUE 751,344 ----------------------------------------------------------- % OF NET ASSETS 2.1 -----------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 18.7% Commercial Banks 14.3 Metals & Mining 8.4 Wireless Telecommunication Services 8.0 Diversified Telecommunication Services 3.1 Semiconductors & Semiconductor Equipment 3.0 Pharmaceuticals 2.3 Insurance 2.1 Chemicals 2.0 Computers & Peripherals 2.0 Industrial Conglomerates 2.0 Electric Utilities 1.8 Diversified Financial Services 1.8 Beverages 1.7 Construction & Engineering 1.7 Electronic Equipment & Instruments 1.5 Construction Materials 1.5 Food Products 1.3 IT Services 1.2 Real Estate Management & Development 1.1 Food & Staples Retailing 1.1 Media 1.0 Transportation Infrastructure 0.9 Independent Power Producers & Energy Traders 0.8 Hotels, Restaurants & Leisure 0.8 Internet Software & Services 0.8 Multiline Retail 0.7 Specialty Retail 0.7 Energy Equipment & Services 0.7 Automobiles 0.7 Electrical Equipment 0.6 Household Durables 0.5 Thrifts & Mortgage Finance 0.5 Capital Markets 0.5 Household Products 0.5 Software 0.4 Paper & Forest Products 0.4 Marine 0.4 Leisure Equipment & Products 0.3 Airlines 0.3 Machinery 0.3 Gas Utilities 0.3 Communications Equipment 0.2 Distributors 0.2 Aerospace & Defense 0.2 Biotechnology 0.2 Water Utilities 0.1 Tobacco 0.1 Textiles, Apparel & Luxury Goods 0.1 Building Products 0.1 Trading Companies & Distributors 0.1 Health Care Providers & Services 0.1 Road & Rail 0.1 Consumer Finance 0.1 Commercial Services & Supplies 0.1 Air Freight & Logistics 0.0** Short Term Investments 10.2 Other Assets & Liabilities (4.6) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 23 (Logo/Annual Report) SPDR S&P BRIC 40 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) BRIC 40 ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R) BRIC 40 Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy designed to track the total return performance of the Index. For the twelve month period ended September 30, 2008 the Fund returned -32.50% and the Index returned -32.21%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and sold to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929 and the Great Depression. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. China is the largest market in the Index for the period. With $1.8 trillion in reserves, the government has substantial policy flexibility. In September, the Chinese authorities cut reserve requirements for most banks by 50 basis points. There is great apprehension among investors that property market busts in the US and Europe will be accompanied by a similar bust in China. While economic indicators appear to remain favorable for China, its economic performance in the next eighteen months will be key to the evolution of the global economy. Brazil is the second largest country in the Index. In the last quarter alone, Brazil's currency fell 21.3%. The prospect of sharply lower demand in Asia for Brazilian materials pre-occupied investors. Growth is expected to decelerate in Brazil in 2009 substantially. Russia is the third largest market in the Index. More than $30 Billion in capital fled the Russian market in the quarter in response to three shocks: the Russian invasion of Georgia; government interference in a steel company, Mechel; and the global credit crisis. As global risk appetite fell, hedge funds and other investors sold Russian stocks. This development led to margin calls on local investors who had borrowed heavily to invest in the stock market. The resulting downward spiral led to a crash and financial problems at Russian brokerage firms. The market was closed for a couple of days by the authorities, who also agreed to study the possibility of using some of Russia's sovereign wealth fund assets to support the market. Russian energy 24 (Logo/Annual Report) SPDR S&P BRIC 40 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) stocks Lukoil and Surgutneftegaz declined significantly and Gazprom's loss erased nearly $100 Billion in market capitalization. As the global credit crisis intensified, Russian corporations and banks found it increasingly difficult to access external credit and investors were concerned about a possible banking crisis. A severe liquidity squeeze and crisis of confidence erupted in September. India is the smallest market in the Index. Inflation in Asia in general is slowing, but India's inflation rate is expected to run about 12% through this year. Investors are concerned that a global slowdown will negatively impact India's IT industry. Given the sharp rise of property prices in recent months, there is also a pervasive fear of a property decline. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 25 (Logo/Annual Report) SPDR S&P BRIC 40 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (6/19/07, 6/22/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P BRIC 40 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.50%.* PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE S&P BRIC 40 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -32.50% -32.14% -32.21% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -15.36% -15.10% -14.90% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE S&P BRIC 40 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -32.50% -32.14% -32.21% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -12.18% -11.96% -11.87% --------------------------------------------------------------------------------------------------------------------
(1) For the period June 19, 2007 to September 30, 2008. * SSgA Funds Management, Inc. has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.40% until January 31, 2009. 26 (Logo/Annual Report) SPDR S&P BRIC 40 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P BRIC 40 ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P BRIC 40 S&P BRIC ETF 40 INDEX -------- -------- 6/19/07 10000 10000 6/30/07 9954 9955 7/31/07 10544 10542 8/31/07 10727 10732 9/30/07 12538 12554 10/31/07 14703 14711 11/30/07 13469 13499 12/31/07 13469 13504 1/31/08 11350 11379 2/29/08 12339 12375 3/31/08 11530 11565 4/30/08 13089 13139 5/31/08 13661 13731 6/30/08 12418 12473 7/31/08 11672 11722 8/31/08 10591 10639 9/30/08 8464 8510
27 (Logo/Annual Report) SPDR S&P BRIC 40 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION GAZPROM CHINA PETROLEO BRASILEIRO COMPANHIA VALE DO OAO ADR MOBILE, LTD. SA ADR RIO DOCE ADR -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $16,035,350 15,440,713 14,717,976 9,355,790 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.5% 8.2 7.8 5.0 -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------- DESCRIPTION CHINA LIFE INSURANCE CO., LTD. -------------------------------------------------------------- MARKET VALUE 9,343,416 -------------------------------------------------------------- % OF NET ASSETS 5.0 --------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 39.7% Commercial Banks 26.4 Metals & Mining 9.9 Wireless Telecommunication Services 9.8 Insurance 6.4 IT Services 2.5 Diversified Telecommunication Services 1.7 Beverages 1.6 Real Estate Management & Development 0.8 Construction & Engineering 0.6 Transportation Infrastructure 0.0** Short Term Investments 8.1 Other Assets & Liabilities (7.5) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 28 (Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) Emerging Europe ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup(R) BMI European Emerging Capped Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -33.45% and the Index returned -34.45%. Index returns do not reflect deductions for fees and expenses associated with investing in the fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States cease to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. Russia is the largest market in the EMEA region. This market experienced three shocks and has had a significant negative impact on performance: the Russian invasion of Georgia; government interference in a steel company, Mechel; and the global credit crisis. The Mechel incident reminded investors of the Yukos affair. Despite a surge at the end of 2007 resulting from a spike in oil prices and greater clarity about President Putins's succession plans, in 2008, investors fled the Russian market to other countries. As global risk appetite fell, hedge funds and other investors sold Russian stocks. This development led to margin calls on local investors who had borrowed heavily to invest in the stock market. The resulting downward spiral led to a crash and financial problems at Russian brokerage firms. Russian energy stocks Lukoil and Surgutneftegaz declined significantly and Gazprom's decline erased nearly $100 Billion in market capitalization. As the global credit crisis intensified, Russian corporations and banks found it increasingly difficult to access external credit and investors were concerned about a possible banking crisis in Russia. A severe liquidity squeeze and crisis of confidence erupted in September. On the political front, Dmitry Medvedev, President Putin's handpicked successor, won the Russian presidential election. This was also a downward force on most of the Russian stocks. 29 (Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) Investors still have concerns regarding Turkey and, consequently, this market was down for the period. These concerns relate to a large current account deficit as a percent of GDP, inflation risks, political issues with the AKP ruling party and attempts to change the constitution. However, the outlook for Turkey is not as bleak. While Turkey historically has been subject to global volatility, the Turkish market sells at roughly 6.6 times forward earnings. Reportedly, Turkish banks, which have long experience with dollarized deposits, actually lent dollars to their European counterparts during the latter part of the fiscal year. Turkey is a nation where US dollar deposits to total deposits have historically been significantly higher than average which enables the country to be able to lend out to other countries especially ones who desperately need help in liquidity. In the small Eastern Europe markets (Czech Republic, Hungary, and Poland), the Czech Republic rallied and was a standout returning only mildly negative performance, helped by Cez, the utility. Eastern Europe continues to integrate rapidly with its Western neighbors. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 30 (Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING EUROPE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN VALUE VALUE EMERGING CAPPED INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -33.45% -31.92% -34.45% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -20.98% -18.96% -20.98% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI EUROPEAN VALUE VALUE EMERGING CAPPED INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -33.45% -31.92% -34.45% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -14.24% -12.82% -14.24% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 31 (Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING EUROPE ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING EUROPE EUROPEAN EMERGING ETF CAPPED INDEX --------------- ----------------- 10000 10000 3/20/07 10597 10577 4/30/07 10796 10655 5/31/07 10316 10385 6/30/07 11059 11109 7/31/07 11386 11588 8/31/07 10877 11120 9/30/07 11873 12055 10/31/07 12861 13155 11/30/07 12585 13063 12/31/07 13045 13553 1/31/08 10898 11377 2/29/08 11418 12109 3/31/08 11351 11803 4/30/08 11695 12140 5/31/08 13053 13562 6/30/08 12152 12547 7/31/08 11429 11601 8/31/08 9822 10020 9/30/08 7902 7902
32 (Logo/Annual Report) SPDR S&P EMERGING EUROPE ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------------- DESCRIPTION GAZPROM LUKOIL ADR CEZ AS SBERBANK GDR OTP BANK OAO ADR NYRT --------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $16,350,266 8,000,387 3,903,707 3,836,204 3,265,976 --------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 20.1% 9.9 4.8 4.7 4.0 ---------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 43.3% Commercial Banks 22.4 Metals & Mining 8.2 Diversified Telecommunication Services 8.1 Electric Utilities 4.8 Pharmaceuticals 1.9 Media 1.4 Industrial Conglomerates 1.4 Wireless Telecommunication Services 1.2 Beverages 0.8 Food & Staples Retailing 0.8 Diversified Financial Services 0.7 Household Durables 0.6 Construction & Engineering 0.6 Real Estate Management & Development 0.6 Airlines 0.4 Chemicals 0.4 Software 0.4 Hotels, Restaurants & Leisure 0.4 Auto Components 0.3 Building Products 0.2 Electronical Equipment 0.2 Biotechnology 0.1 Short Term Investments 4.9 Other Assets & Liabilities (4.1) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 33 (Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) Emerging Latin America ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup(R) BMI Latin America Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -20.21% and the Index returned -21.44%. Index returns do not reflect deductions for fees and expenses associated with investing in the fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States cease to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. In the third quarter of 2008, particularly the month of September, there was a convulsion in global financial markets and massive US government intervention to infuse the US banking system with liquidity and avert systemic collapse. As US companies found it increasingly difficult to finance themselves (the commercial paper market continued to contract sharply), investors increasingly moved to the view that the US was in recession, and that the chances of a global recession (defined as global growth below 2.5% on a purchasing power basis), were rising. Understandably, commodity prices fell, with crude oil down to 100.64 vs. 141.24 on June 30. In reaction to these events, investors sold emerging market stocks, as deleveraging intensified and risk appetite fell dramatically. The emerging Latin America markets were particularly affected by events in Brazil and Mexico. Brazil is the largest country in the Index, comprising nearly two-thirds of the benchmark. In the last quarter alone, the Real fell and Brazil stocks plunged for the twelve month period. Materials stocks, led by CVRD, fell and financial stocks fell as well. The prospect of sharply lower demand in Asia for Brazilian materials pre-occupied investors. Energy stocks, led by Petrobras, were up for the entire period, but declined over the last quarter. Growth is expected to decelerate in Brazil in 2009 substantially. Brazil is traditionally a high beta market, and this quarter was no exception. Mexico, the second largest market in the region, has held up 34 (Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) fairly well during the period. In the last quarter, Mexico fell less than Brazil, Peru and Argentina. Mexican stocks have proved to be remarkably resilient. As the recession in the United States deepens, and as remittances by Mexican workers in the United States slow, the risks to the downside for the Mexican economy are intensifying. But in the quarter, Telmex actually managed to rally. Among the smaller markets, Peru fell during the twelve month period. Peru is a major copper producer and investors feared a global slowdown would depress commodity prices. Southern Peru Copper fell in the last quarter alone. Colombia fell for the period. Argentina fell for the twelve month period, led by Tenaris which fell in the last quarter. As in the past, Argentina's inflation is accelerating. As well, the country is endeavoring to undertake a complex debt restructuring. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 35 (Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING LATIN AMERICA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE LATIN AMERICA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -20.21% -20.20% -21.44% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 8.90% 8.79% 8.80% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI VALUE VALUE LATIN AMERICA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -20.21% -20.20% -21.44% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) 5.72% 5.65% 5.65% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 36 (Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING LATIN AMERICA ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING LATIN LATIN AMERICA AMERICA ETF INDEX -------------- ----------------- 10000 10000 3/20/07 10333 10407 4/30/07 10966 11050 5/31/07 12152 12210 6/30/07 12423 12580 7/31/07 12578 12803 8/31/07 12197 12391 9/30/07 13649 13850 10/31/07 15186 15452 11/30/07 14298 14592 12/31/07 14333 14711 1/31/08 13706 13749 2/29/08 14803 14980 3/31/08 14321 14445 4/30/08 15689 15781 5/31/08 16913 17184 6/30/08 15541 15886 7/31/08 14349 14704 8/31/08 13240 13504 9/30/08 10890 10880
37 (Logo/Annual Report) SPDR S&P EMERGING LATIN AMERICA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------- DESCRIPTION PETROLEO COMPANHIA VALE AMERICA BANCO ITAU BRASILEIRO DO RIO DOCE MOVIL HOLDING FINANCEIRA SA ADR ADR SAB DE CV SA ADR ------------------------------------------------------------------------------------------------------------- MARKET VALUE $12,247,222 7,165,808 5,298,773 3,066,945 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 16.5% 9.7 7.1 4.1 ------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------ DESCRIPTION BANCO BRADESCO SA PREFERENCE SHARES ADR ------------------------------------------------------------ MARKET VALUE 2,825,775 ------------------------------------------------------------ % OF NET ASSETS 3.8 ------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Metals & Mining 18.3% Commercial Banks 17.7 Oil, Gas & Consumable Fuels 17.0 Wireless Telecommunication Services 8.0 Diversified Telecommunication Services 4.6 Beverages 4.2 Electric Utilities 3.8 Industrial Conglomerates 2.4 Food & Staples Retailing 2.3 Multiline Retail 2.2 Construction Materials 2.2 Paper & Forest Products 1.9 Food Products 1.8 Media 1.8 Household Durables 1.7 Independent Power Producers & Energy Traders 1.4 Energy Equipment & Services 1.4 Transportation Infrastructure 1.0 Household Products 0.8 Diversified Financial Services 0.8 Airlines 0.7 Construction & Engineering 0.6 Aerospace & Defense 0.6 Tobacco 0.5 Biotechnology 0.3 Water Utilities 0.3 Chemicals 0.2 Internet & Catalog Retail 0.2 Building Products 0.2 Real Estate Management & Development 0.0** Short Term Investments 12.8 Other Assets & Liabilities (11.7) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount shown represents less than 0.05% of net assets. 38 (Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) Emerging Middle East & Africa ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/ Citigroup(R) BMI Middle East & Africa Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -19.37% and the Index returned -17.08%. Index returns do not reflect deductions for fees and expenses associated with investing in the fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase, AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. The South African stocks declined the most in the Fund over the twelve months ended September 30, 2008. This was fueled by several events. President Mbeki resigned in a scandal and the former trade union leader and ANC Deputy President Kgalema Motlanthe was elected interim President by Parliament. He promptly initiated a major Cabinet reshuffle. Furthermore, as in many other parts of the emerging world, inflation is a problem in South Africa. Headline inflation is running at 13.6%, while core inflation is at 14.3%. The country also had problems related to violence that occurred in May, local gasoline prices being raised 7.4%, taking it to a record R10.70 per liter, and Eskom announcing it was likely that power shortages would continue. The next largest underperformers in the region were Egypt and Israel, two countries causing a drag on the region's overall performance. Israel's declines were minimized by Teva Pharmaceutical, a large stock in the benchmark, which delivered positive performance. These two countries suffered sharp declines as investors fear that the financial crisis in the United States and Europe may be spreading to the Middle East. Surprisingly, Jordan was one of the few countries in the world that was able to overcome the economic problems by delivering positive returns in the third quarter. Among the smaller EMEA markets, Jordan was the best performing market. 39 (Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) As credit problems in Europe intensified, the dollar rallied in September and many emerging market currencies weakened, contributing to the overall negative performance. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 40 (Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/20/07, 3/23/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI MIDDLE VALUE VALUE EAST & AFRICA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -19.37% -19.01% -17.08% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -6.60% -5.86% -3.38% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI MIDDLE VALUE VALUE EAST & AFRICA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -19.37% -19.01% -17.08% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.36% -3.86% -2.21% --------------------------------------------------------------------------------------------------------------------
(1) For the period March 20, 2007 to September 30, 2008. 41 (Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI EMERGING MIDDLE MIDDLE EAST EAST & & AFRICA AFRICA ETF INDEX --------------- ----------------- 10000 10000 3/20/07 10453 10469 4/30/07 11246 11263 5/31/07 11081 11158 6/30/07 10892 11037 7/31/07 10944 11092 8/31/07 10878 10957 9/30/07 11584 11652 10/31/07 12811 12920 11/30/07 12178 12473 12/31/07 12042 12466 1/31/08 10889 11423 2/29/08 11521 12177 3/31/08 10818 11522 4/30/08 11773 12304 5/31/08 12015 12507 6/30/08 11245 11639 7/31/08 11261 11554 8/31/08 10780 11028 9/30/08 9340 9662
42 (Logo/Annual Report) SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------- DESCRIPTION TEVA PHARMACEUTICAL MTN GROUP, SASOL, LTD. ARAB BANK INDUSTRIES, LTD. LTD. PLC ---------------------------------------------------------------------------------------------------------- MARKET VALUE $16,541,429 9,608,704 7,532,189 5,449,859 ---------------------------------------------------------------------------------------------------------- % OF NET ASSETS 10.8% 6.3 4.9 3.6 ---------------------------------------------------------------------------------------------------------- --------------------------------------------------------------- DESCRIPTION IMPALA PLATINUM HOLDINGS, LTD. --------------------------------------------------------------- MARKET VALUE 4,971,530 --------------------------------------------------------------- % OF NET ASSETS 3.3 ---------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 20.6% Pharmaceuticals 11.9 Metals & Mining 10.8 Diversified Financial Services 7.8 Wireless Telecommunication Services 7.3 Oil, Gas & Consumable Fuels 4.9 Industrial Conglomerates 4.7 Chemicals 4.4 Media 2.2 Food & Staples Retailing 2.2 Diversified Telecommunication Services 1.9 Real Estate Management & Development 1.9 Construction & Engineering 1.9 Specialty Retail 1.9 Capital Markets 1.3 Insurance 1.3 Aerospace & Defense 1.2 Electric Utilities 1.2 Software 1.1 Food Products 1.0 Construction Materials 0.8 Communications Equipment 0.7 Paper & Forest Products 0.7 Tobacco 0.7 Household Durables 0.7 Health Care Providers & Services 0.5 Real Estate Investment Trust 0.5 Multiline Retail 0.4 Marine 0.4 Hotels, Restaurants & Leisure 0.4 Distributors 0.3 Semiconductors & Semiconductor Equipment 0.3 Health Care Equipment & Supplies 0.1 Internet Software & Services 0.1 Trading Companies & Distributors 0.1 Electrical Equipment 0.0** Short Term Investments 1.1 Other Assets & Liabilities 0.7 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 43 (Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) World ex-US ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R)/Citigroup BMI World Ex US Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -30.13% and the Index returned -30.32%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929 and the Great Depression. In a matter of weeks, the traditional structure of investment banks in the United States became ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. Contributing most significantly to the negative returns of the Fund and the Index over the period was the Fund's overweight to the financial sector. At the country level, the Fund was hurt most by its overweight to Japan relative to the holdings in the Index, followed closely by the UK, Germany and France. Toward the end of the period LIBOR rates for Dollars, Pounds, and Euros climbed sharply from already elevated levels, reflecting heightened concerns in unsecured lending. A host of European financial firms felt the effects of tightening credit in the market place, similar to their American counterparts. British lenders HBOS and Bradford & Bingley, Belgian financial conglomerate Fortis, and Germany's Hypo Real Estate all saw their share prices negatively impacted as financial conditions seized up. The combination of faltering global growth prospects and unnerving liquidity strains led to broad share price declines across Europe and Asia. Japanese stocks languished throughout the course of the period, but the yen was one of the few currencies that managed to hold its own against the US dollar. The economic picture in Japan shows no exception to the less optimistic global trend, as the job market remains tepid and confidence indicators have been eroding. However, Japanese financial institutions have relatively little exposure to the credit issues that are 44 (Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) burdening many western firms. While the United States and Europe are worried about rising inflation, Japan is benefitting from the fiscal uncertainty. Since Japanese stocks have been steadily losing investors since early 2006, they were relatively less affected by the persistent selling that characterized global equity markets through the second half of the year ended September 30, 2008. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 45 (Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P WORLD EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.35%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI WORLD EX US VALUE VALUE INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -30.13% -28.41% -30.32% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -26.95% -25.13% -26.84% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P/CITIGROUP BMI WORLD EX US VALUE VALUE INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -30.13% -28.41% -30.32% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -19.49% -18.11% -19.42% --------------------------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to September 30, 2008. 46 (Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P WORLD ex-US ETF (BASED ON NET ASSET VALUE) (Line Graph)
SPDR S&P S&P/CITIGROUP BMI WORLD EX-US WORLD EX ETF US INDEX ----------- ----------------- 10000 10000 4/20/07 9983 9986 5/31/07 10192 10231 6/30/07 10235 10245 7/31/07 10134 10161 8/31/07 9937 9960 9/30/07 10456 10494 10/31/07 10901 10978 11/30/07 10474 10498 12/31/07 10239 10286 1/31/08 9333 9330 2/29/08 9496 9540 3/31/08 9371 9404 4/30/08 9866 9899 5/31/08 10032 10067 6/30/08 9230 9269 7/31/08 8901 8933 8/31/08 8522 8557 9/30/08 7305 7316
47 (Logo/Annual Report) SPDR S&P WORLD ex-US ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------ DESCRIPTION HSBC HOLDINGS PLC NESTLE SA BP PLC TOTAL SA NOVARTIS AG ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $355,485 344,031 338,721 296,239 288,873 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 1.3% 1.2 1.2 1.1 1.0 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 14.4% Oil, Gas & Consumable Fuels 8.7 Pharmaceuticals 5.8 Metals & Mining 5.2 Insurance 4.8 Diversified Telecommunication Services 3.3 Automobiles 3.0 Electric Utilities 3.0 Chemicals 2.9 Food Products 2.7 Real Estate Management & Development 2.4 Capital Markets 2.3 Food & Staples Retailing 2.0 Machinery 2.0 Wireless Telecommunication Services 1.9 Industrial Conglomerates 1.7 Media 1.7 Multi-Utilities 1.6 Diversified Financial Services 1.4 Electrical Equipment 1.4 Road & Rail 1.3 Construction & Engineering 1.2 Electronic Equipment & Instruments 1.2 Hotels, Restaurants & Leisure 1.2 Beverages 1.1 Semiconductors & Semiconductor Equipment 1.1 Trading Companies & Distributors 1.1 Communications Equipment 0.9 Health Care Equipment & Supplies 0.9 Household Durables 0.9 Textiles, Apparel & Luxury Goods 0.9 Auto Components 0.8 Energy Equipment & Services 0.8 Software 0.8 Specialty Retail 0.8 Tobacco 0.8 Building Products 0.7 Commercial Services & Supplies 0.7 Marine 0.7 Aerospace & Defense 0.6 Gas Utilities 0.6 IT Services 0.6 Professional Services 0.6 Real Estate Investment Trust 0.6 Biotechnology 0.5 Computers & Peripherals 0.5 Airlines 0.4 Construction Materials 0.4 Health Care Providers & Services 0.4 Multiline Retail 0.4 Office Electronics 0.4 Transportation Infrastructure 0.4 Air Freight & Logistics 0.3 Household Products 0.3 Paper & Forest Products 0.3 Consumer Finance 0.2 Independent Power Producers & Energy Traders 0.2 Distributors 0.1 Leisure Equipment & Products 0.1 Life Sciences, Tools & Services 0.1 Internet & Catalog Retail 0.0** Short Term Investments 9.0 Other Assets & Liabilities (7.1) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 48 (Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) International Small Cap ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the S&P(R) /Citigroup World Ex-U.S. Cap Range 2 Billion USD Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -33.83% and the Index returned -35.58%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929 and the Great Depression. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. With currency fallout steady and equity weakness broad, every one of the markets in the Fund suffered double-digit depreciation during this period. Korean stocks in the Index were down sharply and the country remains vulnerable to a global slowdown, and there is concern about the asset quality of Korea's mutual and savings banks. News flow from the country continues to be fairly grim. Additionally, Korea is a major oil importer, and has experienced inflationary pressures in recent months. Inflation is rising as energy costs increase and the currency remains weak. Economic growth forecasts have been declining. Consumer confidence has fallen to the lowest level in three years. The government unveiled a $10 Billion tax rebate and subsidy package for low income people to help manage the burden of higher oil prices. There were several protests and strikes in June, the biggest event being the protest over US beef imports. Ireland was one of the worst performing countries in the Fund. Shares tumbled on continued selling of its troubled banks. Other than Ireland, the other sharp declines came in resource-focused countries, such as Austria. Norway also saw major declines, specifically over the latest three months, as oil-related stocks sank. Already tentative liquidity conditions deteriorated sharply during the period, and at the same time the global growth outlook continued to dim rapidly. Apparently cheap equity valuations could do little to stem 49 (Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) the downward share-price momentum; ample dividend yields and single-digit price earnings ratios provided scant protection when money was tight and economic prospects seemed uncertain. The severity of the dislocations at many financial firms, however, may at long last elicit a more meaningful policy response. These remarkable dislocations may bring yet more explicit measures to shore up interbank confidence and restore some semblance of normality to global financial conditions. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 50 (Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/20/07, 4/26/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P INTERNATIONAL SMALL CAP ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.59%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- S&P/CITIGROUP WORLD NET ASSET MARKET EX US CAP RANGE 2 BILLION USD VALUE VALUE INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -33.83% -32.35% -35.58% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -31.75% -29.85% -33.80% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- S&P/CITIGROUP WORLD NET ASSET MARKET EX US CAP RANGE 2 BILLION USD VALUE VALUE INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -33.83% -32.35% -35.58% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -23.19% -21.72% -24.76% --------------------------------------------------------------------------------------------------------------------
(1) For the period April 20, 2007 to September 30, 2008. 51 (Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P INTERNATIONAL SMALL CAP ETF (BASED ON NET ASSET VALUE) (Line Graph)
S&P CITIGROUP WORLD EX SPDR S&P US CAP INTERNATIONAL SMALL RANGE 2 BILLION CAP ETF USD INDEX ------------------- --------------- 10000 10000 4/20/07 10053 10043 5/31/07 10261 10278 6/30/07 10250 10298 7/31/07 10368 10393 8/31/07 9927 9903 9/30/07 10315 10276 10/31/07 10886 10811 11/30/07 10054 9958 12/31/07 9776 9692 1/31/08 8878 8764 2/29/08 9238 9169 3/31/08 9154 8958 4/30/08 9356 9164 5/31/08 9522 9406 6/30/08 8849 8743 7/31/08 8484 8316 8/31/08 8104 7885 9/30/08 6825 6620
52 (Logo/Annual Report) SPDR S&P INTERNATIONAL SMALL CAP ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------- DESCRIPTION HONG LEONG FINANCE, LTD. HAW PAR CORP., LTD. DUNDEE REAL ESTATE INVESTMENT TRUST ----------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,982,189 1,651,688 1,601,955 ----------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 0.6% 0.5 0.5 ----------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------ DESCRIPTION CAFE DE CORAL NANKAI ELECTRIC HOLDINGS, LTD. RAILWAY CO., LTD. ------------------------------------------------------------------------------ MARKET VALUE 1,578,523 1,502,473 ------------------------------------------------------------------------------ % OF NET ASSETS 0.5 0.5 ------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Services & Supplies 5.7% Machinery 5.3 Metals & Mining 5.1 Commercial Banks 4.5 Real Estate Management & Development 4.1 Oil, Gas & Consumable Fuels 4.1 Electronic Equipment & Instruments 4.0 Specialty Retail 3.7 Chemicals 3.7 Capital Markets 3.1 Construction & Engineering 3.1 Food Products 3.1 Media 2.8 Hotels, Restaurants & Leisure 2.8 Pharmaceuticals 2.2 Health Care Equipment & Supplies 2.2 Household Durables 2.0 Textiles, Apparel & Luxury Goods 1.8 Road & Rail 1.8 Electrical Equipment 1.7 Industrial Conglomerates 1.7 Auto Components 1.6 Trading Companies & Distributors 1.6 Building Products 1.4 Health Care Providers & Services 1.4 Paper & Forest Products 1.3 Multiline Retail 1.2 IT Services 1.2 Insurance 1.1 Software 1.1 Real Estate Investment Trust 1.1 Communications Equipment 1.0 Semiconductors & Semiconductor Equipment 1.0 Consumer Finance 1.0 Retail 0.9 Marine 0.9 Energy Equipment & Services 0.9 Diversified Financial Services 0.9 Beverages 0.8 Distributors 0.8 Construction Materials 0.8 Internet Software & Services 0.7 Biotechnology 0.7 Transportation Infrastructure 0.7 Containers & Packaging 0.6 Gas Utilities 0.6 Aerospace & Defense 0.6 Automobiles 0.5 Food & Staples Retailing 0.5 Diversified Consumer Services 0.5 Airlines 0.4 Independent Power Producers & Energy Traders 0.3 Thrifts & Mortgage Finance 0.3 Computers & Peripherals 0.3 Electric Utilities 0.2 Leisure Equipment & Products 0.2 Internet & Catalog Retail 0.2 Air Freight & Logistics 0.1 Short Term Investments 15.0 Other Assets & Liabilities (12.9) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 53 (Logo/Annual Report) SPDR S&P INTERNATIONAL DIVIDEND ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) S&P(R) International Dividend ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the S&P International Dividend Opportunities Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" management strategy and "sampling" methodology to invest in a portfolio of stocks to replicate the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. The Fund commenced operations on February 12, 2008. For the period ended September 30, 2008 the Fund returned -26.93% and the Index returned -27.12%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. We started the year in October 2007 with news of falling housing prices and massive sub-prime losses. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months. The emerging markets were negatively impacted by many of the same factors impacting stock markets around the globe. One of these has been slow growth in global demand. While many of the emerging markets are still expected to post better growth than the developed markets, these numbers have nevertheless been dramatically reduced in many cases. One cause behind this decline has been a significant decrease in the general risk appetite, which when coupled with market closings and the institution of price floors in some of the emerging markets, led to a difficult environment. Also, the emerging markets were hurt by an increasing acceptance that the world was either in or will move into a recessionary state and that the interconnectedness of the global markets will not prevent problems in one arena from dramatically spilling over into the emerging markets. The main sectors that contributed to the bulk of negative performance in the Fund were the Financials, non-energy minerals followed by Consumer Durables and services. Not surprisingly, the frozen credit markets, collapses of leading U.S. investment banks, uncertainties surrounding the acquisition of HBOS by Lloyds and the massive write-downs on the exposure to subprime mortgages led to an erosion of banks' market values. As corporate financing and inter-bank lending essentially seized up, Lloyds TSB, Royal Bank of Scotland, Kungsleden and Bradford & Bringley became amongst the major detractors in this sector for the Fund. As a result, financials contributed to a negative return. Another factor that impacted the Funds' return was the significant decline during the last quarter in commodity prices. This has a negative influence on the emerging markets particularly which are typically more commodity rich than their developed market counterparts. International Nickel Indonesia was one of the largest performance detractors for the Fund. 54 (Logo/Annual Report) SPDR S&P INTERNATIONAL DIVIDEND ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) Finally, the Consumer Durables sector was negatively impacted by sluggish demand and highly volatile and spiraling input costs that are being passed onto the consumers. Economic sentiment remains bearish and apprehension looms in the struggling equity markets as investors fear a rocky future, which appears to be on the brink of a recession. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 55 (Logo/Annual Report) SPDR S&P INTERNATIONAL DIVIDEND ETF -- PERFORMANCE SUMMARY The following Performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/12/08, 2/19/08, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR S&P INTERNATIONAL DIVIDEND ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED FEBRUARY 12, 2008 IS 0.45%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET S&P INTERNATIONAL DIVIDEND VALUE VALUE OPPORTUNITIES INDEX -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -26.93% -25.55% -27.12% -------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------
(1) For the period February 12, 2008 to September 30, 2008. 56 (Logo/Annual Report) SPDR S&P INTERNATIONAL DIVIDEND ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR S&P INTERNATIONAL DIVIDEND ETF (BASED ON NET ASSET VALUE) (Line Graph
SPDR S&P S&P INTERNATIONAL INTERNATIONAL DIVIDEND DIVIDEND OPPORTUNITIES ETF INDEX ---------------------- ---------------------- 10000 10000 2/12/2008 10577 10510 3/31/2008 10432 10373 4/30/2008 10433 10393 5/31/2008 10267 10264 6/30/2008 9266 9239 7/31/2008 8833 8827 8/31/2008 8777 8777 9/30/2008 7307 7288
57 (Logo/Annual Report) SPDR S&P INTERNATIONAL DIVIDEND ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------------- DESCRIPTION WOLSELEY PLC GESTEVISION TELECINCO SA BIOVAIL CORP. PAGESJAUNES GROUPE ---------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $1,260,072 1,168,422 1,132,593 1,104,450 ---------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 2.9% 2.7 2.6 2.5 ---------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------- DESCRIPTION MEDIASET SpA --------------------------------------------------------------------- MARKET VALUE 1,001,197 --------------------------------------------------------------------- % OF NET ASSETS 2.3 ---------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Media 14.4% Commercial Banks 12.8 Oil, Gas & Consumable Fuels 12.3 Diversified Telecommunication Services 6.9 Insurance 6.3 Trading Companies & Distributors 4.3 Airlines 3.8 Construction & Engineering 3.7 Metals & Mining 3.5 Marine 3.3 Hotels, Restaurants & Leisure 3.1 Capital Markets 2.9 Food & Staples Retailing 2.6 Pharmaceuticals 2.6 Construction Materials 2.6 Diversified Financial Services 2.1 Electric Utilities 1.9 Multiline Retail 1.7 Automobiles 1.5 Machinery 1.4 Real Estate Management & Development 1.4 Industrial Conglomerates 1.3 Food Products 0.8 Multi-Utilities 0.7 Energy Equipment & Services 0.7 Semiconductors & Semiconductor Equipment 0.6 Short Term Investments 12.6 Other Assets & Liabilities (11.8) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 58 (Logo/Annual Report) SPDR S&P INTERNATIONAL MID CAP ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------- DESCRIPTION SINGAPORE PRESS PSP SWISS TOBU RAILWAY CFS RETAIL HOLDINGS, LTD. PROPERTY AG CO., LTD. PROPERTY TRUST ------------------------------------------------------------------------------------------------------------- MARKET VALUE $55,676 51,128 48,133 42,845 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.1% 1.0 0.9 0.8 ------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------- DESCRIPTION INDRA SISTEMAS, SA ----------------------------------------------------------------- MARKET VALUE 42,167 ----------------------------------------------------------------- % OF NET ASSETS 0.8 -----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Real Estate Management & Development 6.2% Commercial Banks 5.2 Oil, Gas & Consumable Fuels 4.9 Construction & Engineering 4.4 Chemicals 4.0 Machinery 3.8 Media 3.6 Insurance 3.4 Food Products 3.2 Road & Rail 2.7 Multiline Retail 2.6 Electronic Equipment & Instruments 2.4 Energy Equipment & Services 2.3 Metals & Mining 2.3 Industrial Conglomerates 2.2 Capital Markets 2.2 Health Care Equipment & Supplies 2.1 Diversified Financial Services 2.0 Commercial Services & Supplies 1.8 Hotels, Restaurants & Leisure 1.8 IT Services 1.8 Food & Staples Retailing 1.7 Health Care Providers & Services 1.7 Trading Companies & Distributors 1.5 Electrical Equipment 1.4 Auto Components 1.4 Software 1.4 Diversified Telecommunication Services 1.3 Leisure Equipment & Products 1.3 Aerospace & Defense 1.3 Construction Materials 1.1 Household Durables 1.1 Building Products 1.0 Professional Services 0.9 Automobiles 0.9 Textiles, Apparel & Luxury Goods 0.8 Pharmaceuticals 0.8 Biotechnology 0.7 Beverages 0.7 Consumer Finance 0.7 Independent Power Producers & Energy Traders 0.7 Office Electronics 0.7 Electric Utilities 0.6 Marine 0.6 Water Utilities 0.6 Diversified Consumer Services 0.5 Computers & Peripherals 0.5 Specialty Retail 0.5 Containers & Packaging 0.5 Air Freight & Logistics 0.3 Distributors 0.3 Transportation Infrastructure 0.3 Internet Software & Services 0.2 Paper & Forest Products 0.2 Internet & Catalog Retail 0.2 Semiconductors & Semiconductor Equipment 0.2 Household Products 0.1 Airlines 0.1 Communications Equipment 0.1 Short Term Investments 9.2 Other Assets & Liabilities (3.0) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 59 (Logo/Annual Report) SPDR S&P EMERGING MARKETS SMALL CAP ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION ASPEN PHARMACARE CHINA BILLS OSEM ELBIT HOLDINGS, LTD. FINANCE CORP. INVESTMENTS, LTD. SYSTEMS, LTD. -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $107,381 103,353 98,046 96,311 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.1% 1.1 1.0 1.0 -------------------------------------------------------------------------------------------------------------------- ----------------------------------------------------------- DESCRIPTION NICE SYSTEMS, LTD. ----------------------------------------------------------- MARKET VALUE 95,037 ----------------------------------------------------------- % OF NET ASSETS 1.0 -----------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 7.1% Food Products 5.3 Real Estate Management & Development 5.2 Computers & Peripherals 3.9 Electronic Equipment & Instruments 3.9 Metals & Mining 3.9 Industrial Conglomerates 3.3 Semiconductors & Semiconductor Equipment 3.2 Capital Markets 3.1 Construction & Engineering 2.7 Oil, Gas & Consumable Fuels 2.6 Textiles, Apparel & Luxury Goods 2.4 Electric Utilities 2.2 Specialty Retail 2.2 Media 2.2 Construction Materials 2.1 Marine 2.1 Hotels, Restaurants & Leisure 2.0 Independent Power Producers & Energy Traders 1.9 Chemicals 1.8 Electrical Equipment 1.8 Machinery 1.8 Pharmaceuticals 1.6 Transportation Infrastructure 1.3 Communications Equipment 1.3 Software 1.2% Paper & Forest Products 1.1 IT Services 1.1 Diversified Financial Services 1.1 Leisure Equipment & Products 1.0 Aerospace & Defense 1.0 Internet Software & Services 0.9 Household Durables 0.9 Auto Components 0.9 Wireless Telecommunication Services 0.9 Tobacco 0.8 Beverages 0.7 Automobiles 0.7 Airlines 0.7 Multiline Retail 0.7 Building Products 0.6 Energy Equipment & Services 0.6 Consumer Finance 0.5 Health Care Providers & Services 0.4 Air Freight & Logistics 0.4 Health Care Equipment & Supplies 0.4 Insurance 0.3 Food & Staples Retailing 0.2 Short Term Investments 0.2 Other Assets & Liabilities 11.8 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 60 (Logo/Annual Report) SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------ DESCRIPTION WESTFIELD SIMON PROPERTY UNIBAIL- MITSUI FUDOSAN GROUP GROUP, INC. RODAMCO CO., LTD. ------------------------------------------------------------------------------------------------------ MARKET VALUE $773,953 696,557 529,416 517,195 ------------------------------------------------------------------------------------------------------ % OF NET ASSETS 4.9% 4.4 3.4 3.3 ------------------------------------------------------------------------------------------------------ ------------------------------------------------------------------------ DESCRIPTION BROOKFIELD ASSET MANAGEMENT, INC. (CLASS A) ------------------------------------------------------------------------ MARKET VALUE 451,911 ------------------------------------------------------------------------ % OF NET ASSETS 2.9 ------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Retail REIT's 31.7% Real Estate Management & Development 15.8 Office REIT's 14.7 Specialized REIT's 12.4 Diversified REIT's 10.1 Residential REIT's 9.1 Industrial REIT's 6.3 Short Term Investments 3.8 Other Assets & Liabilities (3.9) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 61 (Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) DJ Wilshire International Real Estate ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Wilshire Ex-US Real Estate Securities Index (the "Index"). To accomplish this objective, the Fund utilizes a "passive" management strategy and "sampling" methodology to invest in a portfolio of stocks to replicate the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -38.38% and the Index returned -38.72%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. During the year, capital availability and re-financing risks remained a significant threat to the listed real estate sector. As the financial crisis intensified and liquidity evaporated in the capital markets, investors renewed their focus on balance sheet strength, near-term debt maturities and available credit facilities. The balance sheets of publicly traded real estate companies continued to exhibit relative strength given the sector's average debt to enterprise value ratio of 36%. Each region, however, had outliers; those companies that lacked capital discipline and overextended their balance sheets earlier in the cycle. Those companies are finding limited alternatives as they look to meet their near-term debt maturities. Given the severity of the capital crisis, opportunistic and distressed pools of equity capital are being formed by private equity and sovereign wealth funds for strategic investment. In addition, public real estate companies with strong balance sheets are conserving capital to invest in opportunistic acquisitions as they appear on the market. A prolonged period of limited capital availability will ultimately force weaker property owners to sell debt or assets at "discounted" prices in search of liquidity. Until such market clearing commences or adequate financing resumes, transactional activity in the private real estate market will remain limited and there will be little clarity on cap rates and net asset values. Compounding the crisis in the financial sector, macroeconomic concerns intensified throughout the year. Operating capital has become more difficult to secure, business and consumer spending have been shrinking, unemployment has risen and a recession now appears imminent. As a result, negative operating fundamental trends in the real estate sector have accelerated. Tenants are more reluctant to sign new leases as they evaluate their own future growth and employment needs. As new leasing activity has slowed, vacancies, rental concessions and retention offers have increased. In contrast to the slowing demand for property, the supply picture remains mostly benign. Construction starts have been modest since the beginning of the year and will remain constrained due to limited financing for new development. From a regional perspective, the US real estate market held up better than its global counterparts. Given that the debt markets were effectively shut down during the fourth quarter of the twelve months ended September 30, 2008 US REITs increasingly sought financing in the public equity market where capital was cheaper and more readily available. By the end of September, publicly traded REITs were priced below the private market valuations of the underlying assets, discounted -5% to -10% versus a historical average of a +3% premium. These valuations would suggest that a further drop in private property values, and correspondingly in REIT net asset values, is very likely in store for the market. The US liquidity crisis spread beyond North America and has resulted in significantly less lending to commercial real estate in the UK. Led by increasing financing costs, the appraisal process in the UK has adjusted real estate valuations down since the peak of the cycle in 2007. However, shares of listed real estate companies are trading at a discount to net asset value implying further potential downside risk to property valuations. Despite lower valuations, operating fundamentals remain relatively stable. With the exception of the London office market, there have been few examples of rent declines or vacancy increases. Continental Europe lost its previous economic resilience. German real estate was shaken by the credit crisis and subsequent bailout of Hypo Real Estate, the country's second largest commercial property investor. The 62 (Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (CONTINUED) implication of a declining German financial sector will likely be a decline in office space demand in the near term. The Brussels office market, while supported by demand from the EU and Belgian governments, also has significant exposure to financial institutions. Paris office space is more immune to the trouble in the financial sector. Having fewer financial tenants, Paris has a lower risk of occupancy declines and more stability in rents. Amidst the unfolding property market crisis, the Spanish government introduced REIT legislation, timed to increase transparency, inject liquidity and improve investor confidence in the sector. Since the beginning of 2008, the Asia-Pacific region has been posting negative returns. The real estate sector in Hong Kong and mainland China is comprised predominately of property developers whose focus is squarely on solvency rather than growth. Recently, the majority of developers in Hong Kong announced cuts to their 2008 and 2009 completion targets as they continued to suffer from a tightening lending environment. Residential rental rates in Hong Kong are likely to decrease, the result of competition from condominiums returning to the rental market. Office and retail fundamentals are also at risk due to the declining rate of foreign investment. The residential property market in Singapore suffered a combined blow from declining property pricing and falling sales volumes. Grade A office rental rates fell during the fourth quarter of the twelve months ended September 30, 2008 and net absorption was down over 2007. Travel, one of the main drivers of recent economic growth in Singapore, has declined as well. European and Asian tourists are scaling back on leisure travel and businesses are reducing travel budgets. In addition to the financial and macroeconomic headwinds, the Australian listed property sector continued to suffer from the fallout surrounding previously financially engineered dividend yields. Australian REITs had historically paid out dividends that included the effects of leverage, currency hedging and fund management income. In today's environment, companies have had to revert to lower and more sustainable payout ratios. During the most recent earnings season, A- REITs improved their financial statement transparency and provided more credible earnings guidance. Japan has experienced a less severe downturn than its Asian counterparts. Because of their rather conservative financing, Japanese REITs have less exposure to leverage-related financing risks and the rising cost of debt. In contrast to the relative stability of Japanese REITs, small to medium size residential developers are experiencing greater financial stress. The listed property sector in the emerging region includes a significant proportion of property developers. The illiquidity in the capital markets imposes a greater risk on new property development. Capitalization rates are shifting upwards and squeezing the development profits. In the wake of the deteriorating financing environment, larger risk premiums are returning to the emerging markets. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 63 (Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/15/06, 12/20/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60% PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE EX-US VALUE VALUE REAL ESTATE SECURITIES INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -38.38% -38.12% -38.72% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION(1) -33.39% -32.88% -33.20% -------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET DOW JONES WILSHIRE EX-US VALUE VALUE REAL ESTATE SECURITIES INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -38.38% -38.12% -38.72% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION(1) -20.26% -19.92% -20.13% -------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------
(1) For the period December 15, 2006 to September 30, 2008. 64 (Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF (BASED ON NET ASSET VALUE) (Line Graph
SPDR DJ DOW JONES WILSHIRE INTERNATIONAL WILSHIRE EX-US REAL ESTATE REAL ESTATE ETF SECURITIES INDEX ---------------------- ---------------- 10000 10000 12/15/06 10401 10397 1/31/07 10546 10576 2/28/07 10836 10871 3/31/07 11149 11207 4/30/07 11390 11448 5/31/07 11605 11670 6/30/07 10857 10949 7/31/07 10297 10383 8/31/07 10270 10341 9/30/07 10809 10900 10/31/07 11009 11112 11/30/07 10174 10274 12/31/07 9682 9785 1/31/08 9171 9257 2/29/08 9207 9285 3/31/08 9032 9098 4/30/08 9451 9510 5/31/08 9251 9313 6/30/08 8218 8251 7/31/08 8103 8145 8/31/08 7736 7770 9/30/08 6661 6680
65 (Logo/Annual Report) SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------- DESCRIPTION WESTFIELD UNIBAIL- MITSUI BROOKFIELD ASSET GROUP RODAMCO FUDOSAN CO., LTD. MANAGEMENT, INC. (CLASS A) ------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $82,381,170 56,357,632 56,004,823 48,285,389 ------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 10.2% 6.9 6.9 6.0 ------------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------- DESCRIPTION LAND SECURITIES GROUP PLC -------------------------------------------------------------- MARKET VALUE 36,158,373 -------------------------------------------------------------- % OF NET ASSETS 4.5 --------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Retail REIT's 37.5% Real Estate Management & Development 30.7 Office REIT's 12.9 Diversified REIT's 12.3 Industrial REIT's 4.7 Residential REIT's 1.0 Specialized REIT's 0.5 Short Term Investments 16.5 Other Assets & Liabilities (16.1) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 66 (Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) FTSE Macquarie Global Infrastructure 100 ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the Macquarie Global Infrastructure 100 Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -16.93% and the Index returned -16.46%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve month period ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States became cease to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. The Index fared better than many indices over the last period. The Index is heavily weighted toward Utilities which posted better (although negative) returns than the broader market. The defensive nature of this sector helped the Index weather the storm better than the broad market averages. The Index also had smaller exposures to Energy, Industrials and Telecommunications during the period. Although Energy stocks in the index posted negative returns, they posted strong performance versus the decline in the Industrial and Telecom stocks. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 67 (Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/25/07, 1/30/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.60%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MACQUARIE GLOBAL INFRASTRUCTURE VALUE VALUE 100 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -16.93% -16.03% -16.46% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -4.94% -3.74% -3.86% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MACQUARIE GLOBAL INFRASTRUCTURE VALUE VALUE 100 INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -16.93% -16.03% -16.46% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -2.96% -2.24% -2.31% --------------------------------------------------------------------------------------------------------------------
(1) For the period January 25, 2007 to September 30, 2008. 68 (Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF (BASED ON NET ASSET VALUE) (LINE GRAPH)
SPDR FSTE/MACQUARIE MACQUARIE GLOBAL GLOBAL INFRASTRUCTURE INFRASTRUCTURE 100 100 ETF INDEX --------------------- ------------------ 10000 10000 1/25/07 10090 10089 2/28/07 10275 10277 3/31/07 10685 10692 4/30/07 11114 11125 5/31/07 11384 11425 6/30/07 11080 11120 7/31/07 10715 10754 8/31/07 10894 10949 9/30/07 11443 11508 10/31/07 12134 12217 11/30/07 12294 12386 12/31/07 12245 12343 1/31/08 11364 11453 2/29/08 11313 11411 3/31/08 11244 11347 4/30/08 11653 11777 5/31/08 12075 12218 6/30/08 11616 11755 7/31/08 11176 11312 8/31/08 10800 10932 9/30/08 9506 9614
69 (Logo/Annual Report) SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------ DESCRIPTION E. ON AG GDF SUEZ IBERDROLA SA EXELON CORP. ENEL SPA ------------------------------------------------------------------------------------------------------------------ MARKET VALUE $6,141,429 5,539,592 3,248,689 2,683,330 2,475,531 ------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 7.7% 6.9 4.1 3.4 3.1 ------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Electric Utilities 51.3% Multi-Utilities 27.7 Oil, Gas & Consumable Fuels 5.8 Gas Utilities 4.7 Independent Power Producers & Energy Traders 4.0 Transportation Infrastructure 2.7 Wireless Telecommunication Services 1.7 Water Utilities 0.8 Commercial Services and Supplies 0.7 Short Term Investments 19.4 Other Assets & Liabilities (18.8) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. 70 (Logo/Annual Report) SPDR MSCI ACWI ex-US ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) MSCI(R) ACWI(sm) ex-US ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the MSCI All Country World Index ex-USA Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve month period ended September 30, 2008 the Fund returned -29.53% and the Index returned -29.97%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declining 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full twelve months ended September 30, 2008. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. All ten sectors in the index posted negative returns during the period. As one might expect, the traditionally defensive sectors of Health Care, Consumer Staples, and Utilities did relatively well, while more cyclical sectors such as Consumer Discretionary, Technology, and Industrials suffered more than the benchmark as a whole. Financials also fell as the credit crunch took a heavy toll on the sector. Materials companies were also down. During the first part of the period, these companies were performing well as commodity prices rose. In the last portion of the period, the bottom falling out of commodity prices combined with concerns about falling demand pushing the Materials sector into negative performance. As detailed earlier, the effect of the negative economic news was widespread across countries in both the developed and emerging world, as almost every market fell over the twelve month period. Only the small markets of Jordan and Morocco managed gains during the period. All other markets were down for the period, and the vast majority (by size and number) were down double digits for the period. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 71 (Logo/Annual Report) SPDR MSCI ACWI ex-US ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (1/10/07, 1/17/07, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR MSCI ACWI EX-US ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.35%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MSCI ALL COUNTRY VALUE VALUE WORLD INDEX EX USA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.53% -28.49% -29.97% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -15.76% -14.27% -15.19% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET MSCI ALL COUNTRY VALUE VALUE WORLD INDEX EX USA INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -29.53% -28.49% -29.97% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -9.47% -8.54% -9.13% --------------------------------------------------------------------------------------------------------------------
(1) For the period January 10, 2007 to September 30, 2008. 72 (Logo/Annual Report) SPDR MSCI ACWI ex-US ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR MSCI ACWI ex-US ETF (BASED ON NET ASSET VALUE) (Line Graph)
MSCI ALL SPDR MSCI COUNTRY WORLD ACWI EX-US INDEX EX ETF USA ---------- ------------- 10000 10000 1/10/07 10306 10315 2/28/07 10362 10378 3/31/07 10657 10671 4/30/07 11140 11166 5/31/07 11421 11472 6/30/07 11494 11569 7/31/07 11402 11537 8/31/07 11227 11359 9/30/07 11955 12112 10/31/07 12607 12788 11/30/07 12042 12214 12/31/07 11861 12037 1/31/08 10763 10871 2/29/08 11010 11187 3/31/08 10783 10945 4/30/08 11457 11618 5/31/08 11658 11819 6/30/08 10709 10850 7/31/08 10296 10462 8/31/08 9837 9975 9/30/08 8424 8481
73 (Logo/Annual Report) SPDR MSCI ACWI ex-US ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION ROYAL DUTCH HSBC HOLDINGS NESTLE SA BP PLC TAIWAN SEMICONDUCTOR SHELL PLC PLC MANUFACTURING CO., LTD. ADR -------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $3,700,547 3,645,171 3,406,348 3,278,666 2,601,215 -------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 1.4% 1.4 1.3 1.3 1.0 --------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 14.8% Oil, Gas & Consumable Fuels 11.4 Metals & Mining 5.9 Pharmaceuticals 5.9 Insurance 4.3 Diversified Telecommunication Services 4.1 Automobiles 3.1 Wireless Telecommunication Services 2.7 Chemicals 2.7 Electric Utilities 2.6 Food Products 2.5 Semiconductors & Semiconductor Equipment 2.2 Diversified Financial Services 2.2 Capital Markets 2.0 Food & Staples Retailing 1.9 Machinery 1.7 Media 1.6 Industrial Conglomerates 1.6 Real Estate Management & Development 1.5 Beverages 1.4 Multi-Utilities 1.4 Road & Rail 1.4 Electronic Equipment & Instruments 1.4 Electrical Equipment 1.2 Communications Equipment 1.1 Household Durables 0.9 Tobacco 0.9 Trading Companies & Distributors 0.9 Textiles, Apparel & Luxury Goods 0.8 Construction & Engineering 0.8 Hotels, Restaurants & Leisure 0.8 Commercial Services & Supplies 0.8 IT Services 0.7 Auto Components 0.7 Software 0.7 Marine 0.6 Building Products 0.6 Transportation Infrastructure 0.6 Construction Materials 0.6 Independent Power Producers & Energy Traders 0.5 Aerospace & Defense 0.5 Gas Utilities 0.5 Health Care Equipment & Supplies 0.4 Office Electronics 0.4 Biotechnology 0.4 Specialty Retail 0.4 Energy Equipment & Services 0.3 Air Freight & Logistics 0.3 Computers & Peripherals 0.3 Multiline Retail 0.3 Household Products 0.3 Distributors 0.2 Health Care Providers & Services 0.2 Consumer Finance 0.2 Airlines 0.1 Internet Software & Services 0.1 Paper & Forest Products 0.1 Water Utilities 0.1 Containers & Packaging 0.1 Leisure Equipment & Products 0.1 Internet & Catalog Retail 0.0** Short Term Investments 11.1 Other Assets & Liabilities (9.9) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 74 (Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) Russell/Nomura Prime(TM) Japan ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the Russell/Nomura Prime(TM) Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve-month period ended September 30, 2008 the Fund returned -26.48% and the Index returned -26.18%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news both at home and abroad. We started the year in October 2007 with news of falling housing prices, sub- prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The combination of faltering global growth prospects and unnerving financial strains led to broad share price declines across Europe and parts of Asia as well, with MSCI EAFE down over 30% for the period. The MSCI ACWI ex USA Index also fell 30% (declined 21.8% in the quarter ended September 30, 2008). These returns were very similar to MSCI Pacific and MSCI Japan indices, which were down almost 30% and 27%, respectfully, for the period as well. Aside from a small single digit positive return in the second quarter of 2008 for the Fund, the rest of the year resulted in consistent declines, finishing off with a negative return of over 17% during the last three months of the period. Although Japanese stocks languished throughout the course of the year, the yen was one of the few currencies that managed to hold its own against the US dollar. The economic picture in Japan shows no exception to the less optimistic global trend, as the job market remains tepid and confidence indicators have been eroding. However, Japanese financial institutions have relatively little exposure to the credit issues that are burdening many western firms. While the United States and Europe are worried about rising inflation, Japan is benefitting from the fiscal uncertainty. Since Japanese stocks have been steadily losing investors since early 2006, they were relatively less affected by the persistent selling that characterized global equity markets through the second half of the year ended September 30, 2008. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 75 (Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR RUSSELL/NOMURA PRIME JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.51%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE RUSSELL/NOMURA PRIME(TM) INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -26.48% -24.54% -26.18% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -21.93% -20.34% -21.11% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET VALUE VALUE RUSSELL/NOMURA PRIME(TM) INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -26.48% -24.54% -26.18% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -12.26% -11.32% -11.78% --------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2008. 76 (Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR RUSSELL/NOMURA PRIME JAPAN ETF (BASED ON NET ASSET VALUE) (LINE GRAPH)
SPDR RUSSELL/NOMURA PRIME JAPAN RUSSELL/ NOMURA ETF PRIME INDEX ------------------- --------------- 10000 10000 11/9/06 10320 10323 12/31/06 10514 10520 1/31/07 10605 10611 2/28/07 11002 11024 3/31/07 10858 10898 4/30/07 10656 10702 5/31/07 10799 10848 6/30/07 10765 10829 7/31/07 10717 10796 8/31/07 10421 10475 9/30/07 10619 10688 10/31/07 10604 10693 11/30/07 10408 10509 12/31/07 9988 9946 1/31/08 9546 9616 2/29/08 9600 9675 3/31/08 9284 9259 4/30/08 9897 9871 5/31/08 10161 10128 6/30/08 9462 9450 7/31/08 9152 9138 8/31/08 8782 8779 9/30/08 7807 7889
77 (Logo/Annual Report) SPDR RUSSELL/NOMURA PRIME JAPAN ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------------ DESCRIPTION TOYOTA MITSUBISHI UFJ MIZUHO FINANCIAL SUMITOMO MITSUI MOTOR CORP. FINANCIAL GROUP, INC. GROUP, INC. FINANCIAL GROUP, INC. ------------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $848,936 775,904 474,620 445,062 ------------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 3.6% 3.3 2.0 1.9 ------------------------------------------------------------------------------------------------------------------------------ ------------------------------------------------------------ DESCRIPTION NIPPON TELEGRAPH & TELEPHONE CORP. ------------------------------------------------------------ MARKET VALUE 432,930 ------------------------------------------------------------ % OF NET ASSETS 1.8 ------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 11.6% Automobiles 7.4 Electronic Equipment & Instruments 5.1 Pharmaceuticals 4.7 Electric Utilities 4.5 Road & Rail 4.2 Chemicals 4.0 Machinery 3.9 Household Durables 3.5 Trading Companies & Distributors 3.4 Metals & Mining 3.0 Office Electronics 2.4 Insurance 2.4 Real Estate Management & Development 2.3 Wireless Telecommunication Services 2.3 Software 2.2 Specialty Retail 2.0 Capital Markets 2.0 Auto Components 1.9 Oil, Gas & Consumable Fuels 1.9 Food & Staples Retailing 1.9 Diversified Telecommunication Services 1.8 Leisure Equipment & Products 1.6 Computers & Peripherals 1.5 Electrical Equipment 1.3 Commercial Services & Supplies 1.2 Semiconductors & Semiconductor Equipment 1.2 Consumer Finance 1.1 Food Products 1.0 Construction & Engineering 0.9 Building Products 0.9 Marine 0.9 Gas Utilities 0.9 Tobacco 0.8 IT Services 0.7 Beverages 0.7 Personal Products 0.6 Multiline Retail 0.5 Media 0.5 Airlines 0.5 Paper & Forest Products 0.4 Textiles, Apparel & Luxury Goods 0.4 Household Products 0.4 Industrial Conglomerates 0.3 Health Care Equipment & Supplies 0.3 Health Care Providers & Services 0.3 Internet Software & Services 0.3 Hotels, Restaurants & Leisure 0.2 Air Freight & Logistics 0.2 Internet & Catalog Retail 0.2 Independent Power Producers & Energy Traders 0.2 Diversified Consumer Services 0.2 Containers & Packaging 0.1 Distributors 0.1 Transportation Infrastructure 0.1 Construction Materials 0.1 Communications Equipment 0.0** Diversified Financial Services 0.0** Short Term Investments 23.4 Other Assets & Liabilities (22.4) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 78 (Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE The SPDR(R) Russell/Nomura Small Cap(TM) Japan ETF (the "Fund") seeks to replicate as closely as possible, before fees and expenses, the total return performance of the float-adjusted Russell/Nomura Japan Small Cap(TM) Index (the "Index"). To accomplish this objective, the Fund uses a passive management strategy and "sampling" methodology designed to track the total return performance of the Index. As such the Fund's return may not match or achieve a high degree of correlation with the return of the Index, as would be the case if the Fund purchased all of the stocks in the Index. For the twelve-month period ended September 30, 2008 the Fund returned -24.85% and the Index returned -24.09%. Index returns do not reflect deductions for fees and expenses associated with investing in the Fund, which would reduce Index returns, if applied. It is not possible to invest directly in an Index. There were numerous headlines in the financial press over the last twelve months. Unfortunately, many of them were not good news. We started the year in October 2007 with news of falling housing prices, sub-prime losses, and rising commodity prices. As we moved into 2008, a weakening dollar and rising commodity prices spurred fears of stagflation (low or negative growth with rising prices.) In March 2008, the major Wall Street house of Bear Stearns could no longer fund its own business and had no choice but to sell to JP Morgan at the price of $10 per share. Skyrocketing commodity prices, falling housing prices and troubled credit markets dominated news in late spring and early summer. As the twelve months ended September 30, 2008 drew to a close, the markets entered a period that has been compared to the crash of 1929. In a matter of weeks, the traditional structure of investment banks in the United States ceased to exist. Lehman Brothers filed for bankruptcy and Merrill Lynch entered into a merger with Bank of America. Soon after that, Morgan Stanley and Goldman Sachs reorganized into bank holding companies. While these changes were occurring, the government seized Washington Mutual, and reached a deal to sell most of its assets to JP Morgan Chase; AIG required an $85 Billion loan, and the government unveiled plans for a $700 Billion program to attempt to stabilize markets. All of these headlines weighed heavily on markets both at home and abroad. The S&P 500 Index fell almost 22% during the period, and posted negative returns in each of the four quarters. The Dow Jones Wilshire 5000 fared marginally better, falling 21.26%. The MSCI ACWI ex USA Index fell 30% (declined 21.8% in the quarter ended September 30, 2008) and the S&P Emerging markets fell over 27% in the final quarter, and 32% for the full period. The pain in the equity markets was widespread and credit markets had issues of their own, but there was some good news. Central Banks around the world added significant liquidity to markets throughout the year, the U.S. Federal Reserve cut rates on a number of occasions, and plans to stabilize markets were set in motion. Japanese stocks languished throughout the course of the year, but the yen was one of the few currencies that managed to hold its own against the US dollar. The economic picture in Japan shows no exception to the less optimistic global trend, as the job market remains tepid and confidence indicators have been eroding. However, Japanese financial institutions have relatively little exposure to the credit issues that are burdening many western firms. While the United States and Europe are worried about rising inflation, Japan is benefitting from the fiscal uncertainty. Since Japanese stocks have been steadily losing investors since early 2006, they were relatively less affected by the persistent selling that characterized global equity markets through the second half of the year ended September 30, 2008. As a whole, the Japanese market has lagged over the period. While small cap stocks had been underperforming in the prior period, later in the twelve months ended September 30, 2008 small cap stocks began gaining ground versus large cap stocks as investors found overseas opportunities less attractive. Contributing most significantly to the negative returns over the period was the Fund's overweight to the Financials and Producer Manufacturing sectors. The views expressed reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report. These views are subject to change at any time based upon market or other conditions and State Street disclaims any responsibility to update such views. These views may not be relied on as investment advice or an indication of trading intent on behalf of any fund. References to specific securities are not recommendations of such securities, and may not be representative of any Fund's current or future investments. 79 (Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PERFORMANCE SUMMARY The following performance chart of the Fund's total return at net asset value to the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. The Fund's per share net asset value ("NAV") is the value of one share of the Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of the Fund and the market return is based on the market price per share of the Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of the Fund are listed for trading, as of the time that the Fund's NAV is calculated. Since shares of the Fund did not trade in the secondary market until several days after the Fund's inception, for the period from inception to the first day of secondary market trading in shares of the Fund (11/9/06, 11/14/06, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns. NAV and market returns assume that dividends and capital gain distributions have been reinvested in the Fund at NAV. Market returns do not include brokerage commission that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower. An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, the Fund's performance is negatively impacted by these deductions. PERFORMANCE QUOTED REPRESENTS PAST PERFORMANCE, WHICH IS NO GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE, SO YOU MAY HAVE A GAIN OR LOSS WHEN SHARES ARE SOLD. CURRENT PERFORMANCE MAY BE HIGHER OR LOWER THAN THAT QUOTED. VISIT WWW.SPDRS.COM FOR MOST RECENT MONTH-END PERFORMANCE. THE RETURNS DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER WOULD PAY ON FUND DISTRIBUTIONS OR ON THE REDEMPTION OF FUND SHARES. THE TOTAL EXPENSE RATIO FOR SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF AS STATED IN THE FEES AND EXPENSES TABLE OF THE PROSPECTUS DATED JANUARY 31, 2008 IS 0.56%. PERFORMANCE AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- CUMULATIVE TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET RUSSELL/NOMURA JAPAN SMALL VALUE VALUE CAP(TM) INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -24.85% -22.75% -24.09% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -25.29% -23.99% -24.49% --------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------- AVERAGE ANNUAL TOTAL RETURN --------------------------------------------------------------------------- NET ASSET MARKET RUSSELL/NOMURA JAPAN SMALL VALUE VALUE CAP(TM) INDEX -------------------------------------------------------------------------------------------------------------------- ONE YEAR ENDED 9/30/08 -24.85% -22.75% -24.09% -------------------------------------------------------------------------------------------------------------------- SINCE INCEPTION (1) -14.27% -13.49% -13.79% --------------------------------------------------------------------------------------------------------------------
(1) For the period November 9, 2006 to September 30, 2008. 80 (Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PERFORMANCE SUMMARY (CONTINUED) COMPARISON OF CHANGE IN VALUE OF A $10,000 INVESTMENT SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF (BASED ON NET ASSET VALUE) LINE GRAPH
SPDR RUSSELL/ NOMURA SMALL RUSSELL/ NOMURA CAP JAPAN JAPAN SMALL ETF CAP INDEX ------------- --------------- 10000 10000 11/9/06 10421 10352 12/31/06 10437 10359 1/31/07 10616 10517 2/28/07 11009 10853 3/31/07 10935 10749 4/30/07 10679 10523 5/31/07 10437 10327 6/30/07 10449 10402 7/31/07 10447 10403 8/31/07 9969 9916 9/30/07 9943 9948 10/31/07 10045 10114 11/30/07 9759 9831 12/31/07 9229 9187 1/31/08 8783 8926 2/29/08 8868 9018 3/31/08 8927 8979 4/30/08 9077 9118 5/31/08 9383 9380 6/30/08 8851 8850 7/31/08 8560 8603 8/31/08 8245 8261 9/30/08 7471 7551
81 (Logo/Annual Report) SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION HISAMITSU HOKUTO CORP. NANKAI ELECTRIC RAILWAY SAGAMI RAILWAY PHARMACEUTICAL CO., LTD. CO., LTD. CO., INC. ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $690,425 608,265 597,136 583,901 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 0.9% 0.8 0.8 0.8 ------------------------------------------------------------------------------------------------------------------------ ----------------------------------------------------------------- DESCRIPTION TAKARA HOLDINGS, INC. ----------------------------------------------------------------- MARKET VALUE 564,950 ----------------------------------------------------------------- % OF NET ASSETS 0.7 -----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 8.9% Machinery 5.6 Food Products 5.6 Chemicals 5.2 Specialty Retail 4.9 Pharmaceuticals 4.1 Electronic Equipment & Instruments 3.7 Metals & Mining 3.6 Commercial Services & Supplies 3.3 Auto Components 3.3 Food & Staples Retailing 3.2 Building Products 2.7 Textiles, Apparel & Luxury Goods 2.7 Hotels, Restaurants & Leisure 2.4 Construction & Engineering 2.4 Trading Companies & Distributors 2.4 Household Durables 2.2 Media 2.2 Capital Markets 2.1 Software 2.0 Road & Rail 1.9 Health Care Equipment & Supplies 1.9 Electrical Equipment 1.8 IT Services 1.8 Multiline Retail 1.7 Real Estate Management & Development 1.6 Beverages 1.4 Transportation Infrastructure 1.3 Consumer Finance 1.3 Personal Products 1.3 Internet Software & Services 1.2 Diversified Financial Services 1.2 Semiconductors & Semiconductor Equipment 1.2 Communications Equipment 1.2 Containers & Packaging 0.9 Oil, Gas & Consumable Fuels 0.8 Distributors 0.7 Automobiles 0.5 Marine 0.4 Health Care Providers & Services 0.4 Leisure Equipment & Products 0.3 Industrial Conglomerates 0.3 Insurance 0.3 Gas Utilities 0.3 Computers & Peripherals 0.3 Internet & Catalog Retail 0.3 Office Electronics 0.2 Biotechnology 0.1 Life Sciences, Tools & Services 0.0** Short Term Investments 27.2 Other Assets & Liabilities (26.3) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. 82 (Logo/Annual Report) SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------------- DESCRIPTION TOYOTA MOTOR VOLKSWAGEN AG DAIMLER AG HONDA MOTOR VIVENDI CORP. CO., LTD. ----------------------------------------------------------------------------------------------------------------------- MARKET VALUE $354,806 268,669 168,467 157,170 125,237 ----------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 7.9% 6.0 3.8 3.5 2.8 -----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Automobiles 31.4% Media 16.4 Household Durables 11.5 Hotels, Restaurants & Leisure 10.2 Textiles, Apparel & Luxury Goods 7.5 Auto Components 7.5 Specialty Retail 6.7 Multiline Retail 3.3 Leisure Equipment & Products 1.8 Distributors 1.6 Internet & Catalog Retail 0.9 Diversified Consumer Services 0.5 Short Term Investments 0.4 Other Assets & Liabilities 0.3 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 83 (Logo/Annual Report) SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
---------------------------------------------------------------------------------------------------------------------- DESCRIPTION NESTLE SA UNILEVER NV TESCO PLC BRITISH AMERICAN DIAGEO PLC TOBACCO PLC ---------------------------------------------------------------------------------------------------------------------- MARKET VALUE $514,649 282,841 258,119 234,287 232,702 ---------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 10.0% 5.5 5.0 4.5 4.5 ----------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Food Products 33.1% Food & Staples Retailing 26.1 Beverages 17.3 Tobacco 11.0 Household Products 7.0 Personal Products 4.8 Short Term Investments 0.5 Other Assets & Liabilities 0.2 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 84 (Logo/Annual Report) SPDR S&P INTERNATIONAL ENERGY SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------- DESCRIPTION ROYAL DUTCH BP PLC TOTAL SA BG GROUP PLC ENI SPA SHELL PLC --------------------------------------------------------------------------------------------------------------- MARKET VALUE $736,857 639,579 554,738 249,608 243,420 --------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 14.7% 12.8 11.1 5.0 4.9 ---------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Oil, Gas & Consumable Fuels 92.7% Energy Equipment & Services 5.7 Short Term Investments 0.7 Other Assets & Liabilities 0.9 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 85 (Logo/Annual Report) SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------------------- DESCRIPTION BANCO MITSUBISHI UFJ BNP PARIBAS SA ROYAL BANK ALLIANZ SE SANTANDER SA FINANCIAL GROUP, INC. OF CANADA --------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $130,173 120,283 116,210 101,076 92,234 --------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 3.0% 2.8 2.7 2.4 2.1 ---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Commercial Banks 52.4% Insurance 17.7 Real Estate Management & Development 13.5 Capital Markets 8.5 Diversified Financial Services 6.9 Consumer Finance 0.6 Short Term Investments 0.4 Other Assets & Liabilities 0.0** ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 86 (Logo/Annual Report) SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------------- DESCRIPTION ROCHE GLAXOSMITHKLINE PLC NOVARTIS AG ASTRAZENECA PLC HOLDINGS AG ----------------------------------------------------------------------------------------------------------------- MARKET VALUE $484,131 468,814 454,771 307,595 ----------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 8.5% 8.3 8.0 5.4 ----------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------- DESCRIPTION SANOFI-AVENTIS ------------------------------------------------------------- MARKET VALUE 305,616 ------------------------------------------------------------- % OF NET ASSETS 5.4 -------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Pharmaceuticals 67.7% Health Care Equipment & Supplies 16.9 Health Care Providers & Services 7.1 Biotechnology 5.4 Life Sciences, Tools & Services 1.4 Short Term Investments 0.3 Other Assets & Liabilities 1.2 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 87 (Logo/Annual Report) SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
----------------------------------------------------------------------------------------------------------- DESCRIPTION SIEMENS AG ABB, LTD. MITSUBISHI CORP. BAE SYSTEMS PLC ----------------------------------------------------------------------------------------------------------- MARKET VALUE $230,705 122,397 83,224 79,246 ----------------------------------------------------------------------------------------------------------- % OF NET ASSETS 5.2% 2.8 1.9 1.8 ----------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------- DESCRIPTION KONINKLIJKE (ROYAL) PHILIPS ELECTRONICS NV -------------------------------------------------------------------- MARKET VALUE 75,839 -------------------------------------------------------------------- % OF NET ASSETS 1.7 --------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Machinery 16.2% Industrial Conglomerates 13.5 Electrical Equipment 11.6 Commercial Services & Supplies 10.6 Trading Companies & Distributors 8.3 Construction & Engineering 7.5 Road & Rail 6.8 Transportation Infrastructure 5.4 Aerospace & Defense 5.2% Building Products 5.0 Marine 3.5 Air Freight & Logistics 3.4 Airlines 1.8 Short Term Investments 0.2 Other Assets & Liabilities 1.0 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 88 (Logo/Annual Report) SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
-------------------------------------------------------------------------------------------------------------------- DESCRIPTION BHP BILLITON, LTD. RIO TINTO PLC BHP BILLITON PLC ANGLO AMERICAN PLC -------------------------------------------------------------------------------------------------------------------- MARKET VALUE $296,833 196,990 177,239 158,445 -------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 6.9% 4.6 4.1 3.7 -------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------- DESCRIPTION POTASH CORP OF SASKATCHEWAN, INC. ---------------------------------------------------------------- MARKET VALUE 146,120 ---------------------------------------------------------------- % OF NET ASSETS 3.4 ----------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Metals & Mining 58.0% Chemicals 31.0 Construction Materials 7.0 Paper & Forest Products 2.9 Containers & Packaging 0.8 Short Term Investments 0.0** Other Assets & Liabilities 0.3 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. ** Amount represents less than 0.05% of net assets. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 89 (Logo/Annual Report) SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
--------------------------------------------------------------------------------------------------------------------------------- SAMSUNG NOKIA OYJ SAP AG NINTENDO CO., LTD. CANON, INC. DESCRIPTION ELECTRONICS CO., LTD. GDR --------------------------------------------------------------------------------------------------------------------------------- MARKET VALUE $466,144 390,812 257,264 245,279 237,479 --------------------------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 10.5% 8.8 5.8 5.5 5.3 ---------------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Electronic Equipment & Instruments 21.3% Communications Equipment 19.0 Semiconductors & Semiconductor Equipment 17.8 Software 16.6 IT Services 8.4 Office Electronics 8.2 Computers & Peripherals 7.5 Internet Software & Services 1.0 Other Assets & Liabilities 0.2 ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 90 (Logo/Annual Report) SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------------------ DESCRIPTION VODAFONE TELEFONICA SA DEUTSCHE FRANCE KONINKLIJKE GROUP PLC TELEKOM AG TELECOM SA ROYAL KPN NV ------------------------------------------------------------------------------------------------------------------------ MARKET VALUE $775,307 761,388 311,185 287,744 202,374 ------------------------------------------------------------------------------------------------------------------------ % OF NET ASSETS 17.1% 16.8 6.9 6.3 4.5 ------------------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Diversified Telecommunication Services 67.6% Wireless Telecommunication Services 32.3 Short Term Investments 0.6 Other Assets & Liabilities (0.5) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 91 (Logo/Annual Report) SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF -- PORTFOLIO SUMMARY TOP FIVE HOLDINGS AS OF SEPTEMBER 30, 2008
------------------------------------------------------------------------------------------------------------- DESCRIPTION E.ON AG GDF SUEZ IBERDROLA SA RWE AG ENEL SPA ------------------------------------------------------------------------------------------------------------- MARKET VALUE $667,849 490,395 336,951 316,773 233,070 ------------------------------------------------------------------------------------------------------------- % OF NET ASSETS 13.4% 9.8 6.8 6.3 4.7 -------------------------------------------------------------------------------------------------------------
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.) INDUSTRY BREAKDOWN AS OF SEPTEMBER 30, 2008*
------------------------------------------------ PERCENT OF INDUSTRY NET ASSETS ------------------------------------------------ Electric Utilities 56.6% Multi-Utilities 29.0 Gas Utilities 9.1 Independent Power Producers & Energy Traders 5.2 Water Utilities 1.5 Short Term Investments 0.1 Other Assets & Liabilities (1.5) ------------------------------------------------ TOTAL 100.0% ------------------------------------------------
* The Fund's industry breakdown is expressed as a percentage of net assets and may change over time. A Management Discussion of Fund Performance will be presented after the fund has been in existence greater than six months. 92 SPDR DJ STOXX 50 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.4% FINLAND -- 2.0% Nokia Oyj...................... 84,258 $ 1,526,754 ----------- FRANCE -- 14.3% AXA (a)........................ 36,472 1,172,920 BNP Paribas SA (a)............. 19,021 1,765,516 France Telecom SA.............. 42,125 1,171,584 GDF Suez....................... 28,664 1,469,595 Sanofi-Aventis................. 22,709 1,484,861 Societe Generale............... 12,431 1,082,595 Total SA....................... 46,761 2,796,776 ----------- TOTAL FRANCE................... 10,943,847 ----------- GERMANY -- 14.6% Allianz SE..................... 10,028 1,356,184 BASF SE........................ 20,789 985,543 Bayer AG....................... 16,950 1,233,297 Daimler AG..................... 19,769 983,006 Deutsche Bank AG............... 11,663 811,504 Deutsche Telekom AG............ 65,483 990,632 E.ON AG........................ 41,318 2,064,968 SAP AG......................... 19,720 1,043,448 Siemens AG..................... 17,962 1,658,894 ----------- TOTAL GERMANY.................. 11,127,476 ----------- ITALY -- 5.8% Assicurazioni Generali SpA (a).......................... 26,131 858,161 Eni SpA........................ 54,021 1,411,379 Intesa Sanpaolo SpA............ 196,617 1,061,905 UniCredit SpA.................. 295,844 1,079,410 ----------- TOTAL ITALY.................... 4,410,855 ----------- LUXEMBOURG -- 1.1% ArcelorMittal.................. 16,517 815,501 ----------- NETHERLANDS -- 3.3% Fortis VVPR Strip (b).......... 33,296 468 ING Groep NV................... 46,112 967,034 Koninklijke (Royal) Philips Electronics NV............... 22,991 616,337 Unilever NV.................... 34,124 951,935 ----------- TOTAL NETHERLANDS.............. 2,535,774 ----------- SPAIN -- 8.2% Banco Bilbao Vizcaya Argentaria SA........................... 78,948 1,270,849 Banco Santander SA............. 138,594 2,044,099 Iberdrola SA................... 80,294 805,285 Telefonica SA.................. 91,139 2,149,429 ----------- TOTAL SPAIN.................... 6,269,662 ----------- SWEDEN -- 0.8% Telefonaktiebolaget LM Ericsson (Class B).................... 66,072 606,448 ----------- SWITZERLAND -- 15.7% ABB, Ltd. (b).................. 51,043 961,452 Credit Suisse Group AG......... 22,957 1,021,676 Nestle SA...................... 84,837 3,646,951 Novartis AG.................... 54,227 2,831,653 Roche Holding AG............... 15,566 2,422,535 UBS AG (b)..................... 65,035 1,070,721 ----------- TOTAL SWITZERLAND.............. 11,954,988 ----------- UNITED KINGDOM -- 33.6% Anglo American PLC............. 29,761 984,030 AstraZeneca PLC................ 32,222 1,412,878 Barclays PLC................... 180,641 1,051,276 BHP Billiton PLC............... 49,471 1,110,180 BP PLC......................... 415,654 3,437,692 British American Tobacco PLC... 31,150 1,018,852 Diageo PLC..................... 55,464 934,243 GlaxoSmithKline PLC............ 126,608 2,732,891 HSBC Holdings PLC.............. 266,255 4,276,019 Rio Tinto PLC.................. 23,562 1,457,753 Royal Bank of Scotland Group PLC.......................... 366,849 1,170,462 Royal Dutch Shell PLC (Class A)........................... 78,591 2,271,333 Tesco PLC...................... 174,228 1,203,701 Vodafone Group PLC............. 1,173,173 2,565,805 ----------- TOTAL UNITED KINGDOM........... 25,627,115 ----------- TOTAL COMMON STOCKS -- (Cost $102,575,548)......... 75,818,420 ----------- SHORT TERM INVESTMENTS -- 2.4% UNITED STATES -- 2.4% MONEY MARKET FUNDS -- 2.4% State Street Navigator Securities Lending Prime Portfolio (c)(d)............. 1,426,057 1,426,057 STIC Prime Portfolio........... 437,873 437,873 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $1,863,930)............ 1,863,930 ----------- TOTAL INVESTMENTS -- 101.8% (Cost $104,439,478).......... 77,682,350 OTHER ASSETS AND LIABILITIES -- (1.8)%........ (1,371,661) ----------- NET ASSETS -- 100.0%........... $76,310,689 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 93 SPDR DJ EURO STOXX 50 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- --------- ------------ COMMON STOCKS -- 99.7% FINLAND -- 3.1% Nokia Oyj..................... 381,853 $ 6,919,172 ------------ FRANCE -- 34.6% Air Liquide SA (a)............ 26,195 2,848,470 Alstom SA..................... 20,001 1,482,401 AXA (a)....................... 165,235 5,313,870 BNP Paribas SA................ 86,222 8,003,065 Carrefour SA.................. 61,226 2,846,637 Cie de Saint-Gobain........... 30,352 1,541,004 Credit Agricole SA............ 102,692 1,933,622 France Telecom SA............. 190,850 5,307,934 GDF Suez...................... 129,910 6,660,451 Groupe Danone (a)............. 47,863 3,361,539 L'Oreal SA (a)................ 23,947 2,329,373 LVMH Moet Hennessy Louis Vuitton SA.................. 25,881 2,244,844 Renault SA.................... 20,036 1,253,937 Sanofi-Aventis................ 102,919 6,729,510 Schneider Electric SA......... 24,857 2,103,478 Societe Generale.............. 56,323 4,905,075 Total SA (a).................. 212,069 12,683,848 Vinci SA...................... 49,596 2,297,553 Vivendi....................... 117,529 3,635,219 ------------ TOTAL FRANCE.................. 77,481,830 ------------ GERMANY -- 29.0% Allianz SE.................... 45,449 6,146,510 BASF SE....................... 95,050 4,506,030 Bayer AG...................... 76,806 5,588,472 Daimler AG.................... 89,555 4,453,088 Deutsche Bank AG.............. 53,322 3,710,110 Deutsche Boerse AG............ 19,590 1,757,517 Deutsche Telekom AG........... 299,332 4,528,319 E.ON AG....................... 187,328 9,362,177 Muenchener Rueckversicherungs- Gesellschaft AG............. 20,742 3,094,456 RWE AG........................ 41,486 3,933,449 SAP AG........................ 89,330 4,726,734 Siemens AG.................... 81,423 7,519,883 Volkswagen AG (a)............. 14,662 5,725,611 ------------ TOTAL GERMANY................. 65,052,356 ------------ ITALY -- 11.2% Assicurazioni Generali SpA (a)......................... 119,470 3,923,481 Enel SpA...................... 421,235 3,485,041 Eni SpA....................... 244,831 6,396,576 Intesa Sanpaolo SpA........... 898,946 4,855,100 Telecom Italia SpA............ 1,027,094 1,517,729 UniCredit SpA................. 1,340,767 4,891,894 ------------ TOTAL ITALY................... 25,069,821 ------------ LUXEMBOURG -- 1.7% ArcelorMittal................. 75,520 3,728,683 ------------ NETHERLANDS -- 6.4% Aegon NV...................... 145,519 1,267,300 Fortis (a).................... 236,263 1,460,214 Fortis VVPR Strip (a)(b)...... 129,370 1,817 ING Groep NV.................. 208,927 4,381,498 Koninklijke (Royal) Philips Electronics NV.............. 105,117 2,817,950 Unilever NV................... 156,016 4,352,278 ------------ TOTAL NETHERLANDS............. 14,281,057 ------------ SPAIN -- 13.7% Banco Bilbao Vizcaya Argentaria SA............... 357,729 5,758,468 Banco Santander SA............ 628,370 9,267,721 Iberdrola SA.................. 367,108 3,681,801 Repsol YPF SA................. 79,488 2,333,544 Telefonica SA................. 413,240 9,745,884 ------------ TOTAL SPAIN................... 30,787,418 ------------ TOTAL COMMON STOCKS -- (Cost $323,607,819)......... 223,320,337 ------------ SHORT TERM INVESTMENTS -- 2.8% UNITED STATES -- 2.8% MONEY MARKET FUNDS -- 2.8% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 5,351,935 5,351,935 STIC Prime Portfolio.......... 1,033,588 1,033,588 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $6,385,523)........... 6,385,523 ------------ TOTAL INVESTMENTS -- 102.5% (Cost $329,993,342)......... 229,705,860 OTHER ASSETS AND LIABILITIES -- (2.5)%....... (5,626,302) ------------ NET ASSETS -- 100.0%.......... $224,079,558 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 94 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.5% CHINA -- 33.9% Agile Property Holdings, Ltd. ....................... 894,188 $ 398,474 Air China, Ltd. .............. 767,414 337,038 Aluminum Corp. of China, Ltd. ....................... 796,304 472,797 Angang Steel Co., Ltd. ....... 317,244 286,831 Anhui Conch Cement Co., Ltd. (a)......................... 177,750 663,900 Baidu.com ADR (a)(b).......... 6,443 1,599,346 Bank of China, Ltd. .......... 3,439,382 1,306,764 Bank of Communications Co., Ltd. ....................... 1,063,723 949,416 China CITIC Bank.............. 954,385 421,612 China Construction Bank Corp. ...................... 5,197,768 3,373,979 China COSCO Holdings Co., Ltd. ....................... 722,632 639,394 China Life Insurance Co., Ltd. ....................... 1,192,708 4,385,662 China Mengniu Dairy Co., Ltd. ....................... 240,390 245,209 China Merchants Bank Co., Ltd. ....................... 462,669 1,085,710 China Merchants Holdings International Co., Ltd. .... 242,543 762,208 China Mobile, Ltd. ........... 761,636 7,543,427 China Oilfield Services, Ltd. ....................... 1,138,557 1,036,738 China Overseas Land & Investment, Ltd. ........... 719,043 851,996 China Petroleum & Chemical Corp. ...................... 2,937,462 2,281,311 China Resources Enterprise.... 298,746 714,896 China Shenhua Energy Co., Ltd. ....................... 602,556 1,435,701 China Shipping Container Lines Co., Ltd. .................. 3,146,339 526,798 China Shipping Development Co., Ltd. .................. 481,215 615,437 China Telecom Corp., Ltd. .... 2,877,930 1,160,164 China Unicom, Ltd. ........... 616,172 918,979 CNOOC, Ltd. .................. 2,868,470 3,269,554 COSCO Pacific, Ltd. .......... 359,331 405,409 Ctrip.com International, Ltd. ADR......................... 18,934 731,042 Denway Motors, Ltd. .......... 1,408,205 438,911 Dongfeng Motor Group Co., Ltd. ....................... 1,040,763 372,642 Focus Media Holding, Ltd. ADR (a)(b)...................... 17,305 493,366 Guangzhou R&F Properties Co., Ltd. ....................... 442,576 396,157 Huaneng Power International, Inc. ....................... 988,472 648,003 Industrial & Commercial Bank of China.................... 4,611,180 2,720,022 Jiangsu Expressway Co. ....... 922,060 681,657 Jiangxi Copper Co., Ltd. ..... 429,578 419,378 Lenovo Group, Ltd. ........... 1,463,703 631,528 Maanshan Iron & Steel......... 718,971 220,386 NetEase.com ADR (a)(b)........ 26,598 606,434 PetroChina Co., Ltd. ......... 3,509,379 3,615,889 Ping An Insurance Group Co. of China, Ltd. ................ 221,864 1,255,858 Samling Global, Ltd. ......... 1,524,707 79,531 Semiconductor Manufacturing International Corp. (a)..... 5,367,837 161,774 Shanghai Electric Group Co., Ltd. (a).................... 1,283,179 381,763 SINA Corp. (a)(b)............. 10,700 376,640 Sinopec Shanghai Petrochemical Co., Ltd. .................. 933,252 206,739 Suntech Power Holdings Co., Ltd. ADR (b)................ 20,408 732,035 Tencent Holdings, Ltd. ....... 156,594 1,119,342 Tingyi Cayman Islands Holding Corp. ...................... 478,383 553,899 Yanzhou Coal Mining Co., Ltd. ....................... 540,882 557,298 Zijin Mining Group Co., Ltd. ....................... 797,790 398,671 ------------ TOTAL CHINA................... 55,487,715 ------------ INDIA -- 19.1% Apollo Hospitals Enterprise, Ltd. ....................... 50,877 487,483 Bharat Heavy Electricals, Ltd. ....................... 34,132 1,163,497 Bharti Airtel, Ltd. (a)....... 162,065 2,708,848 Cipla, Ltd. .................. 135,435 666,000 HDFC Bank, Ltd. .............. 43,774 1,155,749 Hero Honda Motors, Ltd. ...... 49,152 913,653 Hindustan Lever, Ltd. ........ 250,815 1,361,285 Hindustan Zinc, Ltd. ......... 29,063 267,331 Housing Development Finance Corp., Ltd. ................ 42,464 1,905,884 ICICI Bank, Ltd. ............. 100 1,150 ICICI Bank, Ltd. ADR (b)...... 41,601 978,455 Idea Cellular, Ltd. (a)....... 374,655 614,254 Indiabulls Financial Services, Ltd. ....................... 68,687 226,543 Indiabulls Securities, Ltd.... 72,293 58,493 Indian Hotels Co., Ltd. ...... 442,540 631,325 Infosys Technologies, Ltd. ADR (b)......................... 67,743 2,256,519 ITC, Ltd. GDR................. 225,345 901,380 Larsen & Toubro, Ltd. GDR (a)......................... 25,366 1,319,032 Mahindra & Mahindra, Ltd. GDR......................... 41,596 450,856 Oil & Natural Gas Corp., Ltd. ....................... 64,888 1,429,705 Reliance Capital, Ltd. ....... 25,817 623,973 Reliance Communications, Ltd. ....................... 152,502 1,081,623 Reliance Industries, Ltd. GDR (c)......................... 58,203 4,731,904 Reliance Infrastructure, Ltd. ....................... 55,309 929,295 Satyam Computer Services, Ltd. ADR (b)..................... 48,734 787,054 Siemens India, Ltd. .......... 57,067 481,178 Steel Authority of India, Ltd. ....................... 174,318 468,597 Sterlite Industries India, Ltd. ....................... 33,393 304,352 Suzlon Energy, Ltd. .......... 103,278 338,103 Tata Consultancy Services, Ltd. ....................... 34,626 484,388 Tata Motors, Ltd. ............ 65,037 476,370 Unitech, Ltd. ................ 89,664 227,191 Wipro, Ltd. ADR (b)........... 52,745 512,681 Zee Entertainment Enterprises, Ltd. ....................... 94,511 404,487 ------------ TOTAL INDIA................... 31,348,638 ------------ INDONESIA -- 3.7% Astra International Tbk PT.... 538,220 975,987 Bank Central Asia Tbk PT...... 3,316,796 1,107,944 Bank Rakyat Indonesia PT...... 1,578,648 903,998 Bumi Resources Tbk PT......... 2,742,964 930,804 Indosat Tbk PT................ 1,176,248 760,882 Perusahaan Gas Negara PT...... 2,339,140 539,515 Telekomunikasi Indonesia Tbk PT.......................... 1,222,594 926,993 ------------ TOTAL INDONESIA............... 6,146,123 ------------ MALAYSIA -- 7.3% Alliance Financial Group Bhd.. 1,064,900 767,161 Bintulu Port Holdings Bhd..... 367,706 576,794 Bursa Malaysia Bhd............ 289,607 534,206 Carlsberg Brewery Bhd......... 1,393,003 1,561,944 Genting Bhd................... 597,900 911,830 IJM Corp. Bhd (a)............. 466,600 637,043 IOI Corp. Bhd................. 766,040 934,602 Lingkaran Trans Kota Holdings Bhd......................... 1,340,300 677,450
See accompanying notes to financial statements. 95 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Malaysian Airline System Bhd.. 595,333 $ 594,901 Naim Cendera Holding Bhd...... 800,713 655,922 Sarawake Energy Bhd........... 1,263,966 870,181 Star Publications Malaysia Bhd......................... 1,415,500 1,332,235 Tan Chong Motor Holdings Bhd.. 3,155,000 1,512,201 Uchi Technologies Bhd......... 1,016,600 318,933 ------------ TOTAL MALAYSIA................ 11,885,403 ------------ PHILIPPINES -- 1.0% Ayala Land, Inc. ............. 3,370,758 659,107 Philippine Long Distance Telephone Co. .............. 17,324 988,628 ------------ TOTAL PHILIPPINES............. 1,647,735 ------------ TAIWAN -- 29.9% Acer, Inc. ................... 514,516 850,823 Advanced Semiconductor Engineering, Inc. .......... 1,086,758 542,171 Asia Cement Corp. ............ 687,282 598,166 Asustek Computer, Inc. ....... 597,969 1,154,248 AU Optronics Corp. ADR (b).... 127,450 1,447,832 Catcher Technology Co., Ltd. (a)......................... 155,900 484,590 Cathay Financial Holding Co., Ltd. ....................... 842,900 1,130,539 Chang Hwa Commercial Bank..... 1,670,000 825,358 Chi Mei Optoelectronics Corp. GDR......................... 70,037 443,334 China Development Financial Holding Corp. .............. 2,465,553 728,059 China Steel Chemical Corp. ... 678,877 1,295,651 China Steel Corp. ............ 1,435,935 1,401,500 Chinatrust Financial Holding Co., Ltd. (a)............... 1,618,150 860,089 Chunghwa Picture Tubes, Ltd. ....................... 2,435,000 374,656 Chunghwa Telecom Co., Ltd. ... 577,181 1,340,174 Compal Electronics, Inc. ..... 1,072,668 766,870 Delta Electronics, Inc. ...... 333,503 850,046 Epistar Corp. ................ 156,170 204,366 Everlight Electronics Co., Ltd. ....................... 107,527 217,250 Far Eastern Textile Co., Ltd. ....................... 994,764 686,439 First Financial Holding Co., Ltd. ....................... 1,179,948 713,364 Formosa Chemicals & Fibre Corp. ...................... 546,000 930,041 Formosa Plastics Corp. ....... 789,000 1,253,218 Foxconn Technology Co., Ltd. ....................... 184,345 581,602 Fubon Financial Holding Co., Ltd. ....................... 1,103,000 773,127 High Tech Computer Corp. ..... 134,190 2,022,975 Hon Hai Precision Industry Co., Ltd. .................. 856,600 2,982,118 Hua Nan Financial Holdings Co., Ltd. .................. 1,048,140 628,789 King Yuan Electronics Co., Ltd. ....................... 1,517,859 502,470 Largan Precision Co., Ltd. ... 31,461 320,756 Lite-On Technology Corp. ..... 466,523 395,156 Macronix International........ 1,030,741 292,195 MediaTek, Inc. ............... 169,638 1,713,702 Mega Financial Holding Co., Ltd. ....................... 1,392,000 620,897 Motech Industries, Inc. ...... 57,610 253,386 Nan Ya Plastics Corp. ........ 842,000 1,223,552 Novatek Microelectronics Corp., Ltd. ................ 114,868 167,456 Polaris Securities Co., Ltd. ....................... 3,491,150 1,340,183 Powerchip Semiconductor Corp. (a)......................... 1,759,638 264,180 Powertech Technology, Inc. ... 246,995 529,744 ProMOS Technologies, Inc. (a)......................... 1,760,000 177,797 Quanta Computer, Inc. ........ 729,430 886,521 Realtek Semiconductor Corp. .. 228,697 376,049 Shin Kong Financial Holding Co., Ltd. .................. 1,505,505 510,079 Siliconware Precision Industries Co. ............. 570,745 647,536 SinoPac Financial Holdings Co., Ltd. .................. 1,779,000 481,640 Tainan Enterprises............ 1,388,826 854,755 Taishin Financial Holdings Co., Ltd. .................. 1,442,000 277,450 Taiwan Cement Corp. .......... 842,322 488,299 Taiwan Semiconductor Manufacturing Co., Ltd. ADR (b)......................... 644,775 6,041,542 Tatung Co., Ltd. (a).......... 1,277,000 271,901 Tripod Technology Corp. ...... 275,742 515,974 Uni-President Enterprises Corp. ...................... 863,145 759,275 United Microelectronics Corp. ADR (b)..................... 447,960 873,523 Via Technologies, Inc. (a).... 583,000 246,454 Walsin Lihwa Corp. ........... 3,003,000 796,220 Wistron Corp. ................ 421,022 506,459 Yageo Corp. .................. 2,429,000 483,210 ------------ TOTAL TAIWAN.................. 48,905,756 ------------ THAILAND -- 3.6% Advanced Info Service PCL..... 339,523 807,672 Bangkok Expressway PCL........ 1,290,265 602,429 Electricity Generating PCL.... 327,296 609,328 IRPC PCL...................... 2,178,139 261,325 Kasikornbank PCL.............. 477,998 875,765 PTT Exploration & Production PCL......................... 291,205 1,092,879 PTT PCL....................... 182,236 1,227,831 Thai Oil PCL.................. 340,491 417,563 ------------ TOTAL THAILAND................ 5,894,792 ------------ TOTAL COMMON STOCKS -- (Cost $211,964,872)......... 161,316,162 ------------ PREFERRED STOCKS -- 0.0% (D) MALAYSIA -- 0.0% (D) Malaysian Airline System Bhd (a) (Cost $11,093).............. 37,333 8,947 ------------ RIGHTS -- 0.0% (D) INDIA -- 0.0% (D) Tata Motors, Ltd. (expiring 11/27/08) (a)..... 7,542 2,545 Tata Motors, Ltd. (expiring 11/27/08) (a)..... 7,542 8,166 ------------ TOTAL RIGHTS -- (Cost $0).................. 10,711 ------------ WARRANTS -- 0.0% (D) MALAYSIA -- 0.0% (D) IJM Land Bhd (expiring 9/11/2013) (a) (Cost $0)... 27,580 1,803 ------------ SHORT TERM INVESTMENTS -- 4.7% UNITED STATES -- 4.7% MONEY MARKET FUNDS -- 4.7% State Street Navigator Securities Lending Prime Portfolio (e)(f)............ 6,821,576 6,821,576 STIC Prime Portfolio.......... 829,580 829,580 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $7,651,156)........... 7,651,156 ------------ TOTAL INVESTMENTS -- 103.2% (Cost $219,627,121)......... 168,988,779 OTHER ASSETS AND LIABILITIES -- (3.2)%....... (5,208,941) ------------ NET ASSETS -- 100.0%.......... $163,779,838 ============
See accompanying notes to financial statements. 96 SPDR S&P EMERGING ASIA PACIFIC ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- (a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security which represents 2.9% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (d) Amount shown represents less than 0.05% of net assets. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investment of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 97 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.7% CHINA -- 98.7% AIR FREIGHT & LOGISTICS -- 0.1% Sinotrans, Ltd. .............. 934,000 $ 179,237 ------------ AIRLINES -- 0.3% Air China, Ltd. .............. 898,000 394,390 ------------ AUTOMOBILES -- 0.9% Brilliance China Automotive Holdings, Ltd. (a).......... 1,098,000 79,192 Denway Motors, Ltd. .......... 2,044,000 637,076 Dongfeng Motor Group Co., Ltd. ....................... 1,236,000 442,546 ------------ 1,158,814 ------------ BEVERAGES -- 0.2% Tsingtao Brewery Co., Ltd. ... 150,000 266,603 ------------ BIOTECHNOLOGY -- 0.1% American Oriental Bioengineering, Inc. (a)(b)...................... 19,756 128,216 ------------ CHEMICALS -- 0.7% China Bluechemical, Ltd. ..... 770,000 422,470 Sinofert Holdings, Ltd. ...... 384,000 189,914 Sinopec Shanghai Petrochemical Co., Ltd. .................. 996,000 220,639 ------------ 833,023 ------------ COMMERCIAL BANKS -- 18.0% Bank of China, Ltd. .......... 8,286,000 3,148,197 Bank of Communications Co., Ltd. ....................... 1,959,000 1,748,488 China CITIC Bank.............. 570,393 251,978 China Construction Bank Corp. ...................... 11,955,000 7,760,237 China Merchants Bank Co., Ltd. ....................... 909,000 2,133,080 Industrial & Commercial Bank of China.................... 12,034,000 7,098,562 ------------ 22,140,542 ------------ COMMERCIAL SERVICES & SUPPLIES -- 0.1% Bio-Treat Technology, Ltd. ... 1,535,015 123,471 ------------ COMMUNICATIONS EQUIPMENT -- 0.5% AAC Acoustic Technology Holdings, Inc. (a).......... 298,000 226,445 ZTE Corp. .................... 97,680 363,579 ------------ 590,024 ------------ COMPUTERS & PERIPHERALS -- 0.6% Lenovo Group, Ltd. ........... 1,384,000 597,140 TPV Technology, Ltd. ......... 588,000 177,967 ------------ 775,107 ------------ CONSTRUCTION & ENGINEERING -- 1.2% China Communications Construction Co., Ltd. ..... 1,320,394 1,129,189 China Railway Construction Corp. (a)................... 273,500 355,069 ------------ 1,484,258 ------------ CONSTRUCTION MATERIALS -- 0.8% Anhui Conch Cement Co., Ltd. (a)......................... 150,000 560,253 China National Building Material Co., Ltd. ......... 346,000 388,586 ------------ 948,839 ------------ DISTRIBUTORS -- 1.0% China Resources Enterprise.... 448,000 1,072,059 Xinyu Hengdeli Holdings, Ltd. ....................... 728,907 150,206 ------------ 1,222,265 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES -- 2.9% China Communications Services Corp., Ltd. ................ 489,369 334,047 China Netcom Group Corp. -- Hong Kong, Ltd. ... 499,000 1,104,126 China Telecom Corp., Ltd. .... 5,184,000 2,089,797 ------------ 3,527,970 ------------ ELECTRICAL EQUIPMENT -- 2.3% Byd Co., Ltd. ................ 274,900 454,605 Dongfang Electrical Machinery Co., Ltd. .................. 51,000 133,997 Harbin Power Equipment........ 248,000 173,439 Shanghai Electric Group Co., Ltd. (a).................... 1,346,000 400,453 Suntech Power Holdings Co., Ltd. ADR (a)(b)............. 45,303 1,625,019 ------------ 2,787,513 ------------ ENERGY EQUIPMENT & SERVICES -- 0.6% China Oilfield Services, Ltd. ....................... 798,000 726,637 ------------ FOOD PRODUCTS -- 2.4% Chaoda Modern Agriculture Holdings, Ltd. ............. 657,475 548,718 China Foods, Ltd. ............ 1,339 421 China Huiyuan Juice Group, Ltd. ....................... 264,448 323,563 China Mengniu Dairy Co., Ltd. ....................... 361,000 368,237 China Milk Products Group, Ltd. (b).................... 811,000 334,679 China Yurun Food Group, Ltd. ....................... 286,000 368,350 People's Food Holdings, Ltd. ....................... 590,000 196,020 Tingyi Cayman Islands Holding Corp. ...................... 700,000 810,499 ------------ 2,950,487 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 0.2% China Medical Technologies, Inc. ADR (b)................ 8,872 289,050 ------------ HOTELS, RESTAURANTS & LEISURE -- 1.0% China Travel International Investment Hong Kong, Ltd. ....................... 996,000 221,922 Ctrip.com International, Ltd. ADR (b)..................... 21,663 836,409 Shanghai Jin Jiang International Hotels Group Co., Ltd. .................. 1,332,000 161,260 ------------ 1,219,591 ------------ INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 2.3% China Power International Development, Ltd. .......... 873,000 177,650 China Resources Power Holdings Co. ........................ 398,000 849,890 Datang International Power Generation Co., Ltd. ....... 1,334,000 728,478 Huadian Power International Co. ........................ 798,000 197,333 Huaneng Power International, Inc. ....................... 1,336,000 875,829 ------------ 2,829,180 ------------ INDUSTRIAL CONGLOMERATES -- 0.4% Shanghai Industrial Holdings, Ltd. ....................... 218,000 491,348 ------------
See accompanying notes to financial statements. 98 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- INSURANCE -- 10.7% China Insurance International Holdings Co., Ltd. ......... 250,000 $ 475,249 China Life Insurance Co., Ltd. ....................... 2,584,000 9,501,530 PICC Property & Casualty Co., Ltd. (a).................... 938,000 369,674 Ping An Insurance Group Co. of China, Ltd. ................ 497,500 2,816,092 ------------ 13,162,545 ------------ INTERNET SOFTWARE & SERVICES -- 4.5% Baidu.com ADR (a)(b).......... 6,867 1,704,595 NetEase.com ADR (a)(b)........ 49,162 1,120,894 SINA Corp. (a)(b)............. 15,870 558,624 Sohu.com, Inc. (a)(b)......... 10,626 592,399 Tencent Holdings, Ltd. ....... 225,800 1,614,031 ------------ 5,590,543 ------------ IT SERVICES -- 0.1% Travelsky Technology, Ltd. ... 350,000 172,648 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.4% Li Ning Co., Ltd. ............ 284,500 492,466 ------------ MACHINERY -- 0.3% China Infrastructure Machinery Holdings, Ltd. ............. 574 419 Guangzhou Shipyard International Co., Ltd. .... 50,000 57,313 Weichai Power Co., Ltd. ...... 71,000 265,186 ------------ 322,918 ------------ MARINE -- 1.6% China COSCO Holdings Co., Ltd. ....................... 961,875 851,080 China Shipping Container Lines Co., Ltd. .................. 1,667,500 279,193 China Shipping Development Co., Ltd. .................. 550,000 703,407 Yangzijiang Shipbuilding Holdings, Ltd. (b).......... 485,000 167,920 ------------ 2,001,600 ------------ MEDIA -- 0.8% Focus Media Holding, Ltd. ADR (a)(b)...................... 32,287 920,502 ------------ METALS & MINING -- 2.2% Aluminum Corp. of China, Ltd. ....................... 1,290,000 765,924 Angang Steel Co., Ltd. ....... 471,720 426,497 Hunan Non-Ferrous Metal Corp., Ltd. ....................... 600,000 74,185 Jiangxi Copper Co., Ltd. ..... 562,000 548,656 Maanshan Iron & Steel......... 748,000 229,284 Zijin Mining Group Co., Ltd. ....................... 1,358,500 678,870 ------------ 2,723,416 ------------ MULTILINE RETAIL -- 0.5% Golden Eagle Retail Group, Ltd. ....................... 250,000 203,172 Parkson Retail Group, Ltd. ... 373,500 408,888 ------------ 612,060 ------------ OIL, GAS & CONSUMABLE FUELS -- 18.8% China Coal Energy Co. ........ 1,249,413 1,284,115 China Petroleum & Chemical Corp. ...................... 6,138,000 4,766,933 China Shenhua Energy Co., Ltd. ....................... 1,149,500 2,738,896 CNOOC, Ltd. .................. 5,039,000 5,743,578 CNPC Hong Kong, Ltd. ......... 990,000 414,394 PetroChina Co., Ltd. ......... 7,114,000 7,329,912 Yanzhou Coal Mining Co., Ltd. ....................... 850,000 875,798 ------------ 23,153,626 ------------ PAPER & FOREST PRODUCTS -- 0.3% Citic Resources Holdings, Ltd. (a)......................... 679,200 104,972 Lee & Man Paper Manufacturing, Ltd. ....................... 147,200 79,436 Nine Dragons Paper Holdings, Ltd. ....................... 449,000 164,811 ------------ 349,219 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.7% Agile Property Holdings, Ltd. ....................... 600,000 267,376 China Overseas Land & Investment, Ltd. ........... 1,196,000 1,417,144 China Resources Land, Ltd. ... 398,000 413,155 Greentown China Holdings, Ltd. ....................... 199,500 99,694 Guangzhou Investment Co., Ltd. ....................... 1,534,000 146,202 Guangzhou R&F Properties Co., Ltd. ....................... 406,800 364,133 Shanghai Forte Land Co. (a)... 500,000 81,140 Shenzhen Investment, Ltd. .... 653,254 95,073 Shimao Property Holdings, Ltd. ....................... 445,500 251,314 Yanlord Land Group, Ltd. (b).. 369,000 234,867 ------------ 3,370,098 ------------ ROAD & RAIL -- 0.3% Guangshen Railway Co., Ltd. .. 700,000 340,788 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 0.2% Actions Semiconductor Co., Ltd. ADR (a)................ 39,149 96,307 Semiconductor Manufacturing International Corp. (a)..... 5,541,000 166,993 ------------ 263,300 ------------ SOFTWARE -- 0.2% Shanda Interactive Entertainment, Ltd. ADR (a)(b)...................... 9,856 251,821 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 0.3% Ports Design, Ltd. ........... 134,000 241,617 Weiqiao Textile Co. .......... 299,000 145,565 ------------ 387,182 ------------ TRANSPORTATION INFRASTRUCTURE -- 3.3% Anhui Expressway Co., Ltd. ... 706,000 366,441 Beijing Capital International Airport Co., Ltd. .......... 700,000 567,981 China Merchants Holdings International Co., Ltd. .... 404,580 1,271,420 COSCO Pacific, Ltd. .......... 448,000 505,449 Dalian Port PDA Co., Ltd. .... 446,000 155,093 Jiangsu Expressway Co. ....... 650,000 480,530 Shenzhen Expressway Co., Ltd. ....................... 600,000 241,102 Zhejiang Expressway Co., Ltd. ....................... 748,000 435,447 ------------ 4,023,463 ------------ WATER UTILITIES -- 0.2% Guangdong Investment, Ltd. ... 968,000 224,410 ------------
See accompanying notes to financial statements. 99 SPDR S&P CHINA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- WIRELESS TELECOMMUNICATION SERVICES -- 14.7% China Mobile, Ltd. ........... 1,675,500 $ 16,594,557 China Unicom, Ltd. ........... 996,000 1,485,466 ------------ 18,080,023 ------------ TOTAL COMMON STOCKS -- (Cost $186,415,682)......... 121,509,193 ------------ SHORT TERM INVESTMENTS -- 3.5% UNITED STATES -- 3.5% MONEY MARKET FUNDS -- 3.5% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 3,900,607 3,900,607 STIC Prime Portfolio.......... 424,340 424,340 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $4,324,947)........... 4,324,947 ------------ TOTAL INVESTMENTS -- 102.2% (Cost $190,740,629)......... 125,834,140 OTHER ASSETS AND LIABILITIES -- (2.2)%....... (2,726,556) ------------ NET ASSETS -- 100.0%.......... $123,107,584 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt See accompanying notes to financial statements. 100 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 94.4% ARGENTINA -- 0.5% Grupo Financiero Galicia SA ADR (a)(b)....................... 2,103 $ 9,821 Telecom Argentina SA ADR (a)... 1,785 21,866 Tenaris SA ADR................. 3,792 141,404 ----------- TOTAL ARGENTINA................ 173,091 ----------- BRAZIL -- 15.6% Aracruz Celulose SA ADR (b).... 984 36,123 Banco Bradesco SA Preference Shares ADR (b)............... 23,564 379,380 Banco do Brasil SA............. 5,407 63,770 Banco Itau Holding Financeira SA Preference Shares ADR (b).......................... 23,519 411,583 Bradespar SA Preference Shares....................... 4,782 66,191 Brasil Telecom Participacoes SA ADR.......................... 1,340 65,472 Braskem SA Preference Shares ADR (b)...................... 1,977 21,628 Centrais Eletricas Brasileiras SA ADR....................... 6,323 90,537 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR (b)............... 1,249 43,665 Companhia de Bebidas das Americas Preference Shares ADR.......................... 3,271 178,629 Companhia de Saneamento Basico do Estado de Sao Paulo....... 2,509 34,274 Companhia Energetica de Minas Gerais ADR (b)............... 5,617 110,880 Companhia Siderurgica Nacional SA ADR (b)................... 8,088 171,951 Companhia Vale do Rio Doce ADR (b).......................... 23,657 453,032 Companhia Vale do Rio Doce Preference Shares ADR (b).... 30,471 539,337 Cosan SA Industria e Comercio (a).......................... 1,893 12,463 Cyrela Brazil Realty SA........ 5,326 53,841 Cyrela Commercial Properties SA Empreendimentos e Participacoes................ 498 2,065 Duratex SA Preference Shares... 2,066 24,099 Empresa Brasileira de Aeronautica SA............... 8,136 55,254 Gerdau SA ADR (b).............. 12,045 133,700 Investimentos Itau SA.......... 7,803 57,644 Investimentos Itau SA Preference Shares............ 41,661 205,611 Lojas Americanas SA Preference Shares....................... 4,684 20,276 Lojas Renner SA................ 3,447 41,994 Metalurgica Gerdau SA Preference Shares............ 5,936 91,396 Natura Cosmeticos SA........... 2,912 27,928 Perdigao SA ADR (b)............ 1,349 52,800 Petroleo Brasileiro SA ADR Preference Shares............ 23,560 881,615 Petroleo Brasileiro SA ADR..... 17,580 772,641 Souza Cruz SA.................. 1,923 45,350 Tam SA ADR (b)................. 1,505 28,384 Telemig Celular Participacoes ADR (b)...................... 311 11,510 Tim Participacoes SA ADR (b)... 1,491 31,102 Tractebel Energia SA ADR (b)... 510 27,367 Unibanco -- Uniao de Bancos Brasileiros SA GDR (b)....... 1,911 192,858 Usinas Siderurgicas de Minas Gerais SA ADR (b)............ 4,733 98,932 Vivo Participacoes SA Preference Shares............ 12,241 49,435 Votorantim Celulose e Papel SA ADR (b)...................... 2,439 37,585 Weg SA......................... 4,726 34,766 ----------- TOTAL BRAZIL................... 5,657,068 ----------- CHILE -- 1.9% Administradora de Fondos de Pensiones Caprum SA.......... 2,101 50,314 Antarchile SA.................. 3,387 46,086 Cementos Bio-Bio SA............ 15,897 28,841 Companhia de Telecomunicaciones de Chile SA ADR.............. 5,674 38,640 Companhia General de Electricidad................. 7,623 40,107 Empresa Nacional de Electricidad SA ADR (b)...... 1,864 82,967 Empresas COPEC SA.............. 7,796 88,398 Enersis SA ADR................. 4,552 74,289 Farmacias Ahumada SA........... 13,320 25,374 Lan Airlines SA ADR (b)........ 2,998 34,177 Parque Arauco SA............... 43,591 32,108 SACI Falabella................. 23,432 82,046 Vina Concha y Toro SA ADR (b).. 1,221 42,991 Vina San Pedro SA.............. 5,454,257 32,753 ----------- TOTAL CHILE.................... 699,091 ----------- CHINA -- 15.7% AAC Acoustic Technology Holdings, Inc. (a)........... 28,000 21,277 Agile Property Holdings, Ltd. ........................ 42,000 18,716 Air China, Ltd. ............... 38,000 16,689 Aluminum Corp. of China, Ltd. ........................ 68,000 40,374 Angang Steel Co., Ltd. ........ 16,640 15,045 Anhui Conch Cement Co., Ltd. (a).......................... 14,000 52,290 Baidu.com ADR (a)(b)........... 456 113,193 Bank of China, Ltd. ........... 343,000 130,320 Bank of Communications Co., Ltd. ........................ 91,000 81,221 Beijing Capital International Airport Co., Ltd. ........... 42,000 34,079 Chaoda Modern Agriculture...... 36,375 30,358 China CITIC Bank............... 80,000 35,341 China Coal Energy Co. ......... 69,000 70,916 China Communications Construction Co., Ltd. ...... 65,000 55,587 China Construction Bank Corp. ....................... 472,000 306,385 China COSCO Holdings Co., Ltd. ........................ 50,425 44,617 China Life Insurance Co., Ltd. ........................ 120,000 441,248 China Mengniu Dairy Co., Ltd. ........................ 21,000 21,421 China Merchants Bank Co., Ltd. ........................ 42,000 98,558 China Merchants Holdings International Co., Ltd. ..... 14,304 44,951 China Mobile, Ltd. ............ 78,000 772,531 China Netcom Group Corp. -- Hong Kong, Ltd. .... 21,000 46,466 China Oilfield Services, Ltd. ........................ 52,000 47,350 China Overseas Land & Investment, Ltd. ............ 56,000 66,355 China Petroleum & Chemical Corp. ....................... 272,000 211,242 China Power International Development, Ltd. ........... 70,000 14,245 China Railway Construction Corp. (a).................... 35,000 45,438 China Railway Group, Ltd. (a).. 62,000 36,972 China Resources Enterprise..... 14,000 33,502 China Resources Land, Ltd. .... 28,000 29,066 China Resources Power Holdings Co. ......................... 28,000 59,791 China Shenhua Energy Co., Ltd. ........................ 55,000 131,048
See accompanying notes to financial statements. 101 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- China Shipping Container Lines Co., Ltd. ................... 113,350 $ 18,978 China Shipping Development Co., Ltd. ........................ 28,000 35,810 China Telecom Corp., Ltd. ..... 246,000 99,169 China Travel International Investment Hong Kong, Ltd. .. 64,000 14,260 China Unicom, Ltd. ............ 42,000 62,640 Citic Pacific, Ltd. ........... 18,000 51,698 CNOOC, Ltd. ................... 265,000 302,054 CNPC Hong Kong, Ltd. .......... 70,000 29,301 COSCO Pacific, Ltd. ........... 28,000 31,591 Ctrip.com International, Ltd. ADR.......................... 1,404 54,208 Datang International Power Generation Co., Ltd. ........ 84,000 45,871 Denway Motors, Ltd. ........... 94,000 29,298 Dongfang Electric Corp., Ltd. ........................ 1,000 2,627 Dongfeng Motor Group Co., Ltd. ........................ 70,000 25,063 Focus Media Holding, Ltd. ADR (a)(b)....................... 1,565 44,618 Guangdong Investment, Ltd. .... 58,000 13,446 Guangshen Railway Co., Ltd. ... 56,000 27,263 Guangzhou Investment Co., Ltd. ........................ 96,000 9,150 Guangzhou R&F Properties Co., Ltd. ........................ 25,200 22,557 Harbin Power Equipment......... 14,000 9,791 Huadian Power International Co. ......................... 84,000 20,772 Huaneng Power International, Inc. ........................ 70,000 45,889 Industrial & Commercial Bank of China........................ 623,000 367,493 Jiangsu Expressway Co., Ltd. .. 44,000 32,528 Jiangxi Copper Co., Ltd. ...... 16,000 15,620 Kingboard Chemical Holdings, Ltd. ........................ 9,500 31,996 Lenovo Group, Ltd. ............ 92,000 39,694 Li Ning Co., Ltd. ............. 14,000 24,234 Maanshan Iron & Steel.......... 42,000 12,874 NetEase.com ADR (a)(b)......... 1,659 37,825 Nine Dragons Paper Holdings, Ltd. ........................ 21,000 7,708 Parkson Retail Group, Ltd. .... 16,134 17,663 PetroChina Co., Ltd. .......... 300,000 309,105 PICC Property & Casualty Co., Ltd. (a)..................... 56,000 22,070 Pine Agritech, Ltd. ........... 57,000 3,588 Ping An Insurance Group Co. of China, Ltd. ................. 21,000 118,870 Semiconductor Manufacturing International Corp. (a)...... 338,000 10,187 Shanghai Electric Group Co., Ltd. (a)..................... 70,000 20,826 Shenzhen Expressway Co., Ltd. ........................ 56,000 22,503 Shimao Property Holdings, Ltd. ........................ 21,000 11,846 SINA Corp. (a)(b).............. 740 26,048 Sinopec Shanghai Petrochemical Co., Ltd. ................... 56,000 12,405 Sinotrans, Ltd. ............... 70,000 13,433 Suntech Power Holdings Co., Ltd. ADR (b)................. 1,349 48,389 Tencent Holdings, Ltd. ........ 14,000 100,073 Tingyi Cayman Islands Holding Corp. ....................... 42,000 48,630 TPV Technology, Ltd. .......... 56,000 16,949 Travelsky Technology, Ltd. .... 32,000 15,785 Weiqiao Textile Co. ........... 18,000 8,763 Xinyu Hengdeli Holdings, Ltd. ........................ 104,000 21,431 Yanzhou Coal Mining Co., Ltd. ........................ 42,000 43,275 Zhejiang Expressway Co., Ltd. ........................ 50,000 29,107 Zijin Mining Group Co., Ltd. .. 58,000 28,984 ZTE Corp. ..................... 7,840 29,182 ----------- TOTAL CHINA.................... 5,711,730 ----------- CZECH REPUBLIC -- 1.0% CEZ AS......................... 2,898 176,726 Komercni Banka AS.............. 317 69,567 Telefonica O2 Czech Republic AS........................... 2,039 47,505 Unipetrol...................... 2,067 21,834 Zentiva NV..................... 794 51,241 ----------- TOTAL CZECH REPUBLIC........... 366,873 ----------- EGYPT -- 0.8% Commercial International Bank.. 7,990 58,171 Egyptian Co. for Mobile Services..................... 1,275 24,975 Egyptian Financial Group-Hermes Holding...................... 4,989 31,053 Egyptian Kuwait Holding Co. ... 6,406 14,926 Orascom Construction Industries................... 2,012 116,569 Orascom Telecom Holding SAE.... 2,073 15,222 Orascom Telecom Holding SAE GDR.......................... 1,152 40,677 ----------- TOTAL EGYPT.................... 301,593 ----------- HUNGARY -- 1.0% FHB Mortgage Bank NyRt (a)..... 4,719 26,863 MOL Hungarian Oil and Gas NyRt......................... 1,159 104,621 OTP Bank NyRt (a).............. 4,192 148,781 Richter Gedeon NyRt............ 345 62,395 Tiszai Vegyi Kominat NyRt...... 914 22,485 ----------- TOTAL HUNGARY.................. 365,145 ----------- INDIA -- 7.2% Ambuja Cements, Ltd. .......... 15,013 23,871 Bajaj Holdings & Investment, Ltd. (c)(d).................. 28 848 Bajaj Holdings & Investment, Ltd. (c)..................... 625 18,925 Bharat Heavy Electricals, Ltd. ........................ 2,436 83,039 Bharti Airtel, Ltd. (a)........ 15,898 265,728 Cipla, Ltd. ................... 8,318 40,904 Dr. Reddy's Laboratories, Ltd. ADR.......................... 2,580 28,767 Gail India, Ltd. .............. 6,100 53,123 Grasim Industries, Ltd. (c)(d)....................... 731 26,272 HCL Technologies, Ltd. ........ 2,342 9,799 HDFC Bank, Ltd. ............... 3,369 88,950 Hero Honda Motors, Ltd. ....... 2,664 49,519 Hindustan Lever, Ltd. ......... 21,129 114,676 Housing Development Finance Corp., Ltd. ................. 3,619 162,429 ICICI Bank, Ltd. ADR (b)....... 4,005 94,198 Indian Hotels Co., Ltd. ....... 11,440 16,320 Infosys Technologies, Ltd. ADR (b).......................... 6,971 232,204 ITC, Ltd. GDR.................. 2,611 10,444 ITC, Ltd. GDR (d).............. 15,410 61,640 Larsen & Toubro, Ltd. GDR (a).. 1,428 74,256 Mahindra & Mahindra, Ltd. GDR.. 2,445 27,139 Maruti Udyog, Ltd. ............ 2,009 29,730 Oil & Natural Gas Corp., Ltd. ........................ 5,954 131,187 Reliance Capital, Ltd. ........ 1,057 25,547 Reliance Communications, Ltd. ........................ 12,956 91,891 Reliance Industries, Ltd. GDR (d).......................... 5,527 449,345 Reliance Infrastructure, Ltd. ........................ 3,096 52,019 Satyam Computer Services, Ltd. ADR.......................... 3,983 64,325 Siemens India, Ltd. ........... 2,825 23,820 State Bank of India GDR........ 643 38,901 Suzlon Energy, Ltd. ........... 7,903 25,872 Tata Consultancy Services, Ltd. ........................ 2,870 40,149 Tata Motors, Ltd. ADR (b)...... 3,341 25,592
See accompanying notes to financial statements. 102 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tata Power Co., Ltd. .......... 2,557 $ 49,327 Tata Steel, Ltd. .............. 4,488 40,709 Wipro, Ltd. ADR (b)............ 4,199 40,814 ----------- TOTAL INDIA.................... 2,612,279 ----------- INDONESIA -- 1.8% Astra International Tbk PT..... 42,000 76,161 Bank Central Asia Tbk PT....... 246,000 82,174 Bank Danamon Indonesia Tbk PT.. 33,500 17,407 Bank Mandiri Persero Tbk PT.... 130,500 36,673 Bank Rakyat Indonesia PT....... 113,000 64,708 Barito Pacific Tbk PT (a)...... 117,000 12,283 Bumi Resources Tbk PT.......... 211,500 71,771 Indofood Sukses Makmur Tbk PT.. 155,000 32,216 Indosat Tbk PT................. 70,000 45,281 Kalbe Farma Tbk PT............. 170,500 11,752 Medco Energi Internasional Tbk PT (a)....................... 81,500 31,330 Perusahaan Gas Negara PT....... 177,500 40,940 Telekomunikasi Indonesia Tbk PT........................... 89,000 67,482 United Tractors Tbk PT......... 49,000 49,104 ----------- TOTAL INDONESIA................ 639,282 ----------- ISRAEL -- 3.5% Avner Oil & Gas, Ltd. LP....... 410,100 36,191 Bank Hapoalim BM............... 18,764 57,902 Bank Leumi Le-Israel BM........ 19,123 67,889 Check Point Software Technologies (a)(b).......... 3,160 71,858 Formula Systems (1985), Ltd. .. 2,487 27,126 Israel Chemicals, Ltd. ........ 8,634 128,184 Israel Discount Bank, Ltd. (a).......................... 16,491 24,831 Koor Industries, Ltd. ......... 428 17,737 Makhteshim-Agan Industries, Ltd. ........................ 7,450 48,449 Mizrahi Tefahot Bank, Ltd. .... 6,374 40,643 NICE Systems, Ltd. (a)......... 1,322 38,316 Ormat Industries, Ltd. ........ 3,751 41,085 Partner Communications Company, Ltd. ........................ 2,522 47,858 Retalix, Ltd. (a).............. 1,712 20,045 Teva Pharmaceutical Industries, Ltd. ........................ 12,457 565,819 The Israel Corp., Ltd. ........ 63 47,602 ----------- TOTAL ISRAEL................... 1,281,535 ----------- JORDAN -- 0.5% Arab Bank PLC.................. 6,975 193,449 ----------- MALAYSIA -- 2.7% Aeon Co. Bhd................... 49,600 60,226 Alliance Financial Group Bhd... 53,600 38,614 Berjaya Sports Toto Bhd........ 24,200 31,494 Bintulu Port Holdings Bhd...... 42,494 66,657 Bursa Malaysia Bhd............. 10,893 20,093 Carlsberg Brewery Bhd.......... 79,597 89,250 Dialog Group Bhd............... 81,000 24,000 Digi.Com Bhd................... 7,000 45,548 Genting Bhd.................... 42,000 64,052 IGB Corp. Bhd.................. 56,500 22,649 IOI Corp. Bhd.................. 63,200 77,107 KFC Holdings Bhd............... 27,400 52,532 KNM Group Bhd.................. 134,250 49,137 Malaysian Airline System Bhd... 36,700 36,673 Malaysian Resources Corp. Bhd.. 56,400 12,206 Multi Purpose Holdings Bhd..... 36,300 13,497 Naim Cendera Holding Bhd....... 33,887 27,759 Osk Holdings Bhd............... 51,500 21,243 OSK Property Holdings Bhd...... 9,363 1,578 Padiberas Nasional Bhd......... 72,300 27,303 Resorts World Bhd.............. 5,400 3,984 Sarawake Energy Bhd............ 61,234 42,157 SP Setia Bhd................... 33,900 30,527 Sunrise Bhd.................... 56,176 23,499 Ta Enterprise Bhd.............. 67,900 15,582 Tebrau Teguh Bhd (a)........... 4,700 614 UEM World Bhd (a).............. 19,600 13,551 WCT Engineering Bhd............ 62,800 47,431 ----------- TOTAL MALAYSIA................. 958,963 ----------- MEXICO -- 6.4% Alfa SAB de CV (b)............. 7,386 33,073 America Movil SAB de CV (b).... 325,525 751,344 Axtel SAB de CV (a)............ 22,624 20,591 Cemex SAB de CV................ 123,600 212,611 Coca-Cola Femsa SAB de CV...... 11,395 57,663 Consorcio ARA SAB de CV (b).... 22,479 12,480 Corporation GEO SAB de CV (a).. 9,545 21,683 Desarrolladora Homex SAB de CV (a).......................... 4,198 31,028 Empresas ICA SAB de CV (a)(b).. 9,217 26,676 Fomento Economico Mexicano SAB de CV........................ 34,188 130,157 Grupo Aeroportuario del Sureste SAB de CV.................... 8,907 43,565 Grupo Bimbo SAB de CV (b)...... 11,040 69,129 Grupo Elektra SA de CV (b)..... 1,630 56,374 Grupo Financiero Banorte SAB de CV........................... 23,165 73,580 Grupo Iusacell SA de CV (a).... 270 1,930 Grupo Mexico SAB de CV......... 71,856 75,208 Grupo Modelo SAB de CV......... 12,944 54,781 Grupo Televisa SA de CV........ 26,261 115,036 Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)(b)................. 23,401 23,854 Industrias CH SAB, Series B (a)(b)....................... 6,014 22,113 Industrias Penoles SA de CV (b).......................... 2,084 25,302 Kimberly-Clark de Mexico SAB de CV........................... 12,121 52,401 Sare Holding SAB de CV (Class B)(a)(b)..................... 26,727 10,679 Telefonos de Mexico SA de CV... 93,790 119,506 Telmex Internacional SAB de CV (b).......................... 126,203 82,700 TV Azteca SA de CV............. 51,713 32,334 Urbi Desarrollos Urbanos SA de CV (a)(b).................... 10,073 23,405 Wal-Mart de Mexico SAB de CV (b).......................... 42,600 148,496 ----------- TOTAL MEXICO................... 2,327,699 ----------- MOROCCO -- 0.9% Banque Marocaine Du Commerce et l'Industrie SA............ 320 36,422 Banque Marocaine du Commerce Exterieur.................... 3,670 132,367 Douja Promotion Groupe Addoha SA........................... 2,070 40,804 Holcim Maroc SA................ 197 53,720 ONA SA......................... 355 65,127 ----------- TOTAL MOROCCO.................. 328,440 -----------
See accompanying notes to financial statements. 103 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PERU -- 0.7% Companhia de Minas Buenaventura SA........................... 3,728 $ 88,323 Credicorp, Ltd. ............... 1,348 83,913 Southern Copper Corp. (b)...... 3,502 66,818 Volcan Cia Minera SA........... 21,269 16,463 ----------- TOTAL PERU..................... 255,517 ----------- PHILIPPINES -- 0.6% Ayala Land, Inc. .............. 178,780 34,958 Banco de Oro Universal Bank.... 31,000 25,037 Bank of the Philippine Islands...................... 53,680 51,341 Filinvest Land, Inc. .......... 807,000 10,806 Philippine Long Distance Telephone Co. ............... 1,400 79,894 ----------- TOTAL PHILIPPINES.............. 202,036 ----------- POLAND -- 2.0% Asseco Poland SA............... 976 25,041 Bank BPH SA (a)................ 232 6,630 Bank Pekao SA.................. 1,986 140,678 Bioton SA (a).................. 45,668 8,707 BRE Bank SA (a)................ 247 31,839 Cersanit Krasnystaw SA (a)..... 2,276 15,603 Getin Holding SA (a)........... 3,887 14,500 Globe Trade Centre SA (a)...... 2,439 22,089 Grupa Lotos SA (a)............. 1,610 17,937 KGHM Polska Miedz SA........... 2,131 44,119 Orbis SA....................... 1,019 22,469 PBG SA (a)..................... 275 26,205 Polimex Mostostal SA........... 9,525 17,726 Polski Koncern Naftowy Orlen GDR.......................... 2,977 84,893 Powszechna Kasa Oszczednosci Bank Polski SA............... 6,353 114,281 Telekomunikacja Polska SA...... 13,031 123,308 ----------- TOTAL POLAND................... 716,025 ----------- RUSSIA -- 8.9% Comstar United Telesystems GDR.......................... 6,157 30,785 Gazprom OAO ADR................ 49,156 1,521,378 JSC MMC Norilsk Nickel ADR..... 13,010 177,847 LUKOIL ADR..................... 7,910 465,108 Mechel ADR (b)................. 2,327 41,793 Mobile Telesystems OJSC ADR (a).......................... 3,111 174,247 NovaTek OAO GDR................ 1,605 71,422 Polyus Gold Co. ADR............ 2,645 41,870 Rosneft OJSC GDR............... 20,315 136,517 Rostelecom ADR (b)............. 1,376 59,911 Severstal GDR.................. 4,587 47,705 Surgutneftegaz ADR............. 34,559 177,979 Tatneft GDR.................... 1,211 85,739 Vimpel-Communications ADR (b).. 6,983 141,755 VTB Bank OJSC GDR.............. 10,525 42,100 Wimm-Bill-Dann Foods OJSC ADR (a)(b)....................... 401 28,471 ----------- TOTAL RUSSIA................... 3,244,627 ----------- SOUTH AFRICA -- 9.1% ABSA Group, Ltd. .............. 4,773 62,252 Adcock Ingram Holdings, Ltd. (a).......................... 2,752 11,200 Adcorp Holdings, Ltd. ......... 6,339 21,588 Afgri, Ltd. ................... 34,932 20,839 African Bank Investments, Ltd. ........................ 20,036 60,974 African Rainbow Minerals, Ltd. ........................ 2,314 43,817 Allied Electronics Corp., Ltd. ........................ 8,091 29,499 Anglo Platinum, Ltd. .......... 901 80,953 AngloGold Ashanti, Ltd. ....... 3,494 81,014 Aquarius Platinum, Ltd. ....... 5,359 26,292 ArcelorMittal South Africa, Ltd. ........................ 3,287 65,100 Aspen Pharmacare Holdings, Ltd. (a).......................... 8,751 44,914 Aveng, Ltd. ................... 7,831 59,106 Avusa, Ltd. (a)................ 2,544 7,297 Barloworld, Ltd. .............. 3,352 26,110 Bidvest Group, Ltd. ........... 4,863 61,311 Business Connexion Group, Ltd. ........................ 28,831 15,320 Cadiz Holdings................. 35,377 8,544 Coronation Fund Managers, Ltd. ........................ 26,948 18,712 Discovery Holdings, Ltd. ...... 4,414 11,461 ElementOne, Ltd. (a)........... 2,889 4,117 Eqstra Holdings, Ltd. (a)...... 3,040 4,519 FirstRand, Ltd. ............... 74,573 150,485 Foschini, Ltd. ................ 4,417 21,070 Freeworld Coatings, Ltd. ...... 3,933 3,747 Gold Fields, Ltd. ............. 10,534 102,406 Grindrod, Ltd. ................ 13,182 28,336 Group Five, Ltd. .............. 3,743 25,539 Harmony Gold Mining Co., Ltd. (a).......................... 3,153 31,508 Impala Platinum Holdings, Ltd. ........................ 9,146 183,347 Imperial Holdings, Ltd. ....... 2,587 18,461 Investec, Ltd. ................ 2,860 16,406 Invicta Holdings, Ltd. ........ 7,997 25,109 JD Group, Ltd. ................ 2,814 10,110 Kagiso Media, Ltd. ............ 15,641 20,796 Kumba Iron Ore, Ltd. .......... 819 18,693 Lewis Group, Ltd. ............. 3,387 16,357 Massmart Holdings, Ltd. ....... 4,501 40,767 Metorex, Ltd. (a).............. 9,764 15,329 MTN Group, Ltd. ............... 25,767 357,847 Murray & Roberts Holdings, Ltd. ........................ 6,931 80,269 Mvelaphanda Resources, Ltd. (a).......................... 3,617 17,909 Naspers, Ltd. ................. 6,220 120,935 Nedbank Group, Ltd. ........... 7,250 90,618 Netcare, Ltd. ................. 29,476 29,367 Pretoria Portland Cement Co., Ltd. ........................ 3,097 11,688 PSG Group, Ltd. ............... 5,840 11,143 Remgro, Ltd. .................. 6,049 138,795 RMB Holdings, Ltd. ............ 13,410 42,105 Sanlam, Ltd. .................. 29,211 62,086 Sappi, Ltd. ................... 3,981 38,461 Sasol, Ltd. ................... 7,123 300,983 Shoprite Holdings, Ltd. ....... 11,167 62,708 Standard Bank Group, Ltd. (a).. 14,146 159,779 Steinhoff International Holdings, Ltd. .............. 21,935 41,721 Sun International, Ltd. ....... 2,330 25,529 Super Group, Ltd. (a).......... 18,399 7,443 Telkom SA, Ltd. ............... 3,771 47,872 Tiger Brands, Ltd. ............ 2,752 45,664 Truworths International, Ltd. ........................ 10,184 35,899 Wilson Bayly Holmes-Ovcon, Ltd. ........................ 3,244 56,805 Woolworths Holdings, Ltd. ..... 17,973 25,395 ----------- TOTAL SOUTH AFRICA............. 3,304,426 -----------
See accompanying notes to financial statements. 104 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TAIWAN -- 10.1% Acer, Inc. .................... 40,812 $ 67,488 Advanced Semiconductor Engineering, Inc. ........... 80,365 40,093 Asustek Computer, Inc. ........ 45,743 88,297 AU Optronics Corp. ADR (b)..... 15,060 171,082 Cathay Financial Holding Co., Ltd. ........................ 62,550 83,895 Chang Hwa Commercial Bank...... 88,000 43,492 Chi Mei Optoelectronics Corp. GDR.......................... 9,561 60,521 China Development Financial Holding Corp. ............... 189,758 56,034 China Steel Chemical Corp. .... 60,345 115,170 China Steel Corp. ............. 105,537 103,006 Chinatrust Financial Holding Co., Ltd. ................... 117,767 62,596 Chunghwa Telecom Co., Ltd. .... 48,727 113,141 CMC Magnetics Corp. (a)........ 50,000 9,714 Compal Electronics, Inc. ...... 80,520 57,565 Delta Electronics, Inc. ....... 31,099 79,266 Elite Semiconductor Memory Technology, Inc. ............ 25,750 19,410 Epistar Corp. ................. 9,850 12,890 Far Eastern Textile Co., Ltd. ........................ 73,062 50,417 Formosa Chemicals & Fibre Corp. ....................... 40,000 68,135 Formosa Plastics Corp. ........ 60,000 95,302 Foxconn Technology Co., Ltd. .. 12,595 39,737 Fubon Financial Holding Co., Ltd. ........................ 88,000 61,682 Giant Manufacturing Co., Ltd. ........................ 37,800 92,939 Grape King, Inc. .............. 43,000 18,044 High Tech Computer Corp. ...... 14,170 213,619 Hon Hai Precision Industry Co., Ltd. ........................ 53,360 185,764 Hotai Motor Co., Ltd. ......... 20,000 42,771 Hua Nan Financial Holdings Co., Ltd. ........................ 79,560 47,729 Innolux Display Corp. ......... 29,700 38,312 Lite-On Technology Corp. ...... 41,894 35,485 MediaTek, Inc. ................ 9,251 93,455 Mosel Vitelic, Inc. (a)........ 4,000 1,504 Nan Ya Plastics Corp. ......... 60,000 87,189 National Petroleum Co., Ltd. .. 89,000 49,242 Novatek Microelectronics Corp., Ltd. ........................ 9,145 13,332 POU Chen Corp. ................ 55,626 33,543 Powerchip Semiconductor Corp. (a).......................... 95,660 14,362 Powertech Technology, Inc. .... 12,395 26,584 Precision Silicon Corp. ....... 6,098 2,985 ProMOS Technologies, Inc. (a).. 98,000 9,900 Quanta Computer, Inc. ......... 52,599 63,927 Shin Kong Financial Holding Co., Ltd. ................... 56,883 19,272 Siliconware Precision Industries Co. .............. 40,578 46,038 SinoPac Financial Holdings Co., Ltd. ........................ 129,000 34,925 Solar Applied Materials Technology Corp. ............ 25,541 56,685 Taishin Financial Holdings Co., Ltd. ........................ 109,000 20,972 Taiwan Cement Corp. ........... 59,681 34,597 Taiwan Semiconductor Manufacturing Co., Ltd. ADR (b).......................... 71,988 674,528 Taiwan Tea Corp. (a)........... 34,000 10,885 Tatung Co., Ltd. (a)........... 98,000 20,866 Tripod Technology Corp. ....... 11,985 22,427 United Microelectronics Corp. ADR (b)...................... 52,569 102,509 Visual Photonics Epitaxy Co., Ltd. ........................ 20,924 14,471 Wistron Corp. ................. 29,941 36,017 ----------- TOTAL TAIWAN................... 3,663,811 ----------- THAILAND -- 1.6% Advanced Info Service PCL...... 25,315 60,220 Bangkok Expressway PCL......... 72,459 33,831 Banpu PCL...................... 5,608 49,385 Electricity Generating PCL..... 16,400 30,532 IRPC PCL....................... 184,958 22,191 Kasikornbank PCL............... 12,000 21,986 PTT Exploration & Production PCL.......................... 22,598 84,809 PTT PCL........................ 15,224 102,573 Siam Cement PCL................ 8,100 30,638 Siam Commercial Bank PCL....... 24,002 48,586 Thai Oil PCL................... 22,695 27,832 Tisco Bank PCL Preference Shares....................... 47,000 22,222 TMB Bank PCL (a)............... 926,117 27,368 ----------- TOTAL THAILAND................. 562,173 ----------- TURKEY -- 1.9% Akbank TAS..................... 15,723 81,027 Anadolu Efes Biracilik Ve Malt Sanayii AS................... 4,509 46,474 Dogan Sirketler Grubu Holdings AS (a)....................... 18,574 21,921 Dogan Yayin Holding AS (a)..... 7,743 9,077 Eregli Demir ve Celik Fabrikalari TAS.............. 10,179 52,056 Haci Omer Sabanci Holding AS... 10,666 40,449 KOC Holding AS................. 13,321 41,084 Migros Turk TAS................ 2,576 44,386 Tupras-Turkiye Petrol Rafinerileri AS.............. 2,541 47,181 Turkcell Iletisim Hizmet AS.... 9,639 62,945 Turkiye Garanti Bankasi AS (a).......................... 48,980 117,922 Turkiye Is Bankasi............. 16,256 68,426 Ulker Biskuvi Sanayi AS........ 10,649 22,454 Yapi ve Kredi Bankasi AS (a)... 18,458 39,211 ----------- TOTAL TURKEY................... 694,613 ----------- TOTAL COMMON STOCKS -- (Cost $46,584,591)........... 34,259,466 ----------- RIGHTS -- 0.0% (E) BRAZIL -- 0.0% (E) Cosan SA Industria e Comercio (expiring 10/22/08) (a)...... 382 24 ----------- MALAYSIA-- 0.0% (E) Malaysian Airline System Bhd (expiring 10/30/12) (a)...... 7,900 1,893 ----------- SOUTH AFRICA-- 0.0% (E) Super Group, Ltd. (expiring 12/31/08) (a)...... 9,199 44 ----------- TOTAL RIGHTS -- (Cost $2,347)................ 1,961 ----------- SHORT TERM INVESTMENTS -- 10.2% UNITED STATES -- 10.2% MONEY MARKET FUNDS -- 10.2% State Street Navigator Securities Lending Prime Portfolio (f)(g)............. 2,859,970 2,859,970 STIC Prime Portfolio........... 839,475 839,475 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $3,699,445)............ 3,699,445 -----------
See accompanying notes to financial statements. 105 SPDR S&P EMERGING MARKETS ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
VALUE ----- TOTAL INVESTMENTS -- 104.6% (Cost $50,286,383)........... $37,960,872 OTHER ASSETS AND LIABILITIES -- (4.6)%........ (1,661,595) ----------- NET ASSETS -- 100.0%........... $36,299,277 ===========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Security is valued at fair value as determined in good faith by the Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.48% of net assets as of September 30, 2008, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (e) Amount shown represents less than 0.05% of net assets. (f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (g) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt At September 30, 2008, open futures contracts purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION - ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Stock Index....... 10/31/2008 77 $1,822,455 $1,680,910 $(141,545)
See accompanying notes to financial statements. 106 SPDR S&P BRIC 40 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.4% BRAZIL -- 27.4% Banco Bradesco SA ADR (a)..... 488,501 $ 7,864,866 Banco Itau Holding Financeira SA ADR (a).................. 436,373 7,636,527 Companhia de Bebidas das Americas ADR................ 53,868 2,941,731 Companhia Siderurgica Nacional SA ADR (a).................. 128,799 2,738,267 Companhia Vale do Rio Doce ADR (a)......................... 488,553 9,355,790 Gerdau SA ADR (a)............. 215,149 2,388,154 Petroleo Brasileiro SA ADR.... 334,880 14,717,976 Unibanco -- Uniao de Bancos Brasileiros SA GDR.......... 39,831 4,019,745 ------------ TOTAL BRAZIL.................. 51,663,056 ------------ CHINA -- 41.0% Bank of China, Ltd. .......... 9,523,000 3,618,184 Bank of Communications Co., Ltd. ....................... 1,901,000 1,696,720 BOC Hong Kong Holdings, Ltd. ....................... 1,056,000 1,849,685 China Coal Energy Co. ........ 1,225,000 1,259,024 China Communications Construction Co., Ltd. ..... 1,314,000 1,123,721 China Construction Bank Corp. ...................... 11,935,000 7,747,255 China Life Insurance Co., Ltd. ....................... 2,541,000 9,343,416 China Merchants Bank Co., Ltd. ....................... 765,500 1,796,340 China Merchants Holdings International Co., Ltd. .... 835 2,624 China Mobile, Ltd. ........... 1,559,000 15,440,713 China Overseas Land & Investment, Ltd. ........... 1,282,000 1,519,045 China Petroleum & Chemical Corp. ...................... 4,958,000 3,850,514 China Shenhua Energy Co., Ltd. ....................... 922,500 2,198,027 China Telecom Corp., Ltd. .... 3,954,000 1,593,954 CNOOC, Ltd. .................. 4,576,000 5,215,839 Industrial & Commercial Bank of China.................... 15,685,000 9,252,198 PetroChina Co., Ltd. ......... 7,110,000 7,325,790 Ping An Insurance Group Co. of China, Ltd. ................ 468,500 2,651,938 ------------ TOTAL CHINA................... 77,484,987 ------------ INDIA -- 6.5% HDFC Bank, Ltd. ADR (a)....... 17,495 1,486,200 ICICI Bank, Ltd. ADR (a)...... 89,354 2,101,606 Infosys Technologies, Ltd. ADR (a)......................... 139,264 4,638,884 Reliance Industries, Ltd. GDR (b)......................... 48,872 3,973,294 ------------ TOTAL INDIA................... 12,199,984 ------------ RUSSIA -- 24.5% Gazprom OAO ADR............... 518,105 16,035,350 JSC MMC Norilsk Nickel ADR.... 308,401 4,215,842 LUKOIL ADR.................... 148,939 8,757,613 Mobile Telesystems OJSC ADR... 56,167 3,145,914 NovaTek OAO GDR............... 41,829 1,861,390 OAO Rosneft Oil Co. GDR....... 771,031 5,181,328 Rosneft OJSC GDR.............. 5,891 39,588 Surgutneftegaz ADR............ 585,341 3,014,506 Tatneft GDR................... 21,286 1,507,049 Vimpel-Communications ADR..... 84,027 1,705,748 VTB Bank OJSC GDR............. 210,689 842,756 ------------ TOTAL RUSSIA.................. 46,307,084 ------------ TOTAL COMMON STOCKS -- (Cost $286,289,174)......... 187,655,111 ------------ SHORT TERM INVESTMENTS -- 8.1% UNITED STATES -- 8.1% MONEY MARKET FUNDS -- 8.1% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 14,901,275 14,901,275 STIC Prime Portfolio.......... 358,763 358,763 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $15,260,038).......... 15,260,038 ------------ TOTAL INVESTMENTS -- 107.5% (Cost $301,549,212)......... 202,915,149 OTHER ASSETS AND LIABILITIES -- (7.5)%....... (14,181,337) ------------ NET ASSETS -- 100.0%.......... $188,733,812 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 2.11% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 107 SPDR S&P EMERGING EUROPE ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.2% CZECH REPUBLIC -- 8.3% CEZ AS......................... 64,014 $ 3,903,707 Komercni Banka AS (a).......... 4,848 1,063,919 Telefonica O2 Czech Republic AS........................... 33,670 784,448 Unipetrol...................... 32,327 341,469 Zentiva NV..................... 9,434 608,828 ----------- TOTAL CZECH REPUBLIC........... 6,702,371 ----------- HUNGARY -- 7.6% Magyar Telekom NyRt............ 191,703 890,848 MOL Hungarian Oil and Gas NyRt......................... 12,067 1,089,269 OTP Bank NyRt (a)(b)........... 92,021 3,265,976 Richter Gedeon NyRt............ 5,044 912,239 ----------- TOTAL HUNGARY.................. 6,158,332 ----------- POLAND -- 13.8% Agora SA....................... 29,917 339,762 Apator SA...................... 29,703 160,048 Asseco Poland SA............... 12,685 325,452 Bank BPH SA (b)................ 2,212 63,216 Bank Pekao SA.................. 20,761 1,470,605 Bank Zachodni WBK SA........... 6,306 398,593 Bioton SA (b).................. 540,205 102,996 BRE Bank SA (b)................ 2,496 321,744 Cersanit Krasnystaw SA (b)..... 28,496 195,355 Debica SA...................... 8,746 250,129 Echo Investment SA (b)......... 88,652 146,979 Getin Holding SA (b)........... 52,843 197,122 Globe Trade Centre SA (b)...... 35,923 325,334 Impexmetal SA.................. 53,787 47,486 ING Bank Slaski SA............. 1,699 359,849 KGHM Polska Miedz SA........... 25,818 534,520 Netia SA (b)................... 148,298 162,272 Orbis SA....................... 13,108 289,037 PBG SA (b)..................... 2,927 278,912 Polimex Mostostal SA........... 118,354 220,260 Polski Koncern Naftowy Orlen... 48,902 697,253 Powszechna Kasa Oszczednosci Bank Polski SA............... 93,302 1,678,365 Telekomunikacja Polska SA...... 212,391 2,009,776 TVN SA......................... 54,495 404,085 Zaklad Przetworstwa Hutniczego Stalprodukt SA............... 1,034 231,430 ----------- TOTAL POLAND................... 11,210,580 ----------- RUSSIA -- 57.5% Comstar United Telesystems GDR.......................... 133,294 666,470 CTC Media, Inc. (a)(b)......... 20,476 307,140 Gazprom Neft ADR............... 39,863 817,191 Gazprom Neft OAO ADR (Class S)........................... 16,085 329,742 Gazprom OAO ADR................ 528,280 16,350,266 JSC MMC Norilsk Nickel ADR (a).......................... 221,105 3,022,505 LUKOIL ADR..................... 136,061 8,000,387 NovaTek OAO GDR................ 23,676 1,053,582 OAO Rosneft Oil Co. GDR........ 409,889 2,754,454 Polyus Gold Co. ADR............ 46,332 733,436 Rosneft OJSC GDR............... 103,373 694,667 Rostelecom ADR (a)............. 47,919 2,086,393 Sberbank GDR................... 14,699 3,836,204 Severstal GDR.................. 119,868 1,246,628 Surgutneftegaz ADR............. 548,975 2,827,221 Tatneft........................ 15,000 57,000 VTB Bank OJSC.................. 106,937 203 VTB Bank OJSC GDR (d).......... 33,086 132,344 VTB Bank OJSC GDR (a).......... 443,983 1,775,932 ----------- TOTAL RUSSIA................... 46,691,765 ----------- TURKEY -- 12.0% Akbank TAS..................... 215,721 1,111,702 Anadolu Efes Biracilik Ve Malt Sanayii AS................... 63,698 656,525 Arcelik........................ 55,146 156,196 Dogan Sirketler Grubu Holdings AS........................... 202,101 238,514 Dogan Yayin Holding AS (b)..... 98,241 115,168 Enka Insaat ve Sanayi AS....... 64,754 445,789 Eregli Demir ve Celik Fabrikalari TAS.............. 127,797 653,565 Grundig Elektronik AS (b)...... 445,879 196,453 Haci Omer Sabanci Holding AS... 140,312 532,104 KOC Holding AS................. 154,095 475,258 Migros Turk TAS................ 35,637 614,044 Tupras-Turkiye Petrol Rafinerileri AS.............. 28,215 523,898 Turk Hava Yollari Anonim Ortakligi (b)................ 66,493 345,282 Turkcell Iletisim Hizmet AS.... 149,204 974,346 Turkiye Garanti Bankasi AS..... 553,752 1,333,187 Turkiye Is Bankasi............. 166,261 699,840 Vestel Elektronik Sanayi (b)... 147,882 167,545 Yapi ve Kredi Bankasi AS (b)... 240,419 510,725 ----------- TOTAL TURKEY................... 9,750,141 ----------- TOTAL COMMON STOCKS -- (Cost $122,978,614).......... 80,513,189 ----------- SHORT TERM INVESTMENTS -- 4.9% UNITED STATES -- 4.9% MONEY MARKET FUNDS -- 4.9% State Street Navigator Securities Lending Prime Portfolio (e)(f)............. 3,774,091 3,774,091 STIC Prime Portfolio........... 200,082 200,082 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $3,974,173)............ 3,974,173 ----------- TOTAL INVESTMENTS -- 104.1% (Cost $126,952,787).......... 84,487,362 OTHER ASSETS AND LIABILITIES -- (4.1)%........ (3,298,047) ----------- NET ASSETS -- 100.0%........... $81,189,315 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.16% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 108 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.9% ARGENTINA -- 2.4% Banco Macro SA ADR (a)......... 6,013 $ 111,240 Grupo Financiero Galicia SA ADR (a)(b)....................... 16,398 76,579 Petrobras Energia Participaciones SA ADR....... 37,690 370,869 Telecom Argentina SA ADR (b)... 12,172 149,107 Tenaris SA ADR................. 28,244 1,053,219 ----------- TOTAL ARGENTINA................ 1,761,014 ----------- BRAZIL -- 59.5% AES Tiete SA Preference Shares....................... 25,504 203,614 Aracruz Celulose SA ADR (a).... 9,447 346,799 B2W Companhia Global Do Varejo....................... 7,067 168,308 Banco Bradesco SA Prefrence Shares ADR (a)............... 175,514 2,825,775 Banco do Brasil SA............. 38,538 454,516 Banco Itau Holding Financeira SA ADR (a)................... 175,254 3,066,945 Bradespar SA Preference Shares....................... 40,717 563,594 Brasil Telecom Participacoes SA ADR (a)...................... 10,040 490,554 Braskem SA Preference Shares ADR (a)...................... 16,151 176,692 Centrais Eletricas Brasileiras SA ADR....................... 40,551 580,638 Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR (a)............... 12,034 420,709 Companhia de Bebidas das Americas Preference Shares ADR.......................... 24,836 1,356,294 Companhia de Concessoes Rodoviarias.................. 22,815 295,692 Companhia de Saneamento Basico do Estado de Sao Paulo....... 17,159 234,397 Companhia Energetica de Minas Gerais ADR (a)............... 39,468 779,098 Companhia Energetica de Sao Paulo Preference Shares...... 17,742 151,763 Companhia Paranaense de Energia Preference Shares............ 17,670 241,835 Companhia Siderurgica Nacional SA ADR....................... 62,363 1,325,837 Companhia Vale do Rio Doce ADR (a).......................... 166,891 3,195,963 Companhia Vale do Rio Doce Preference Shares ADR........ 224,285 3,969,845 Cosan SA Industria e Comercio (b).......................... 11,048 72,739 Cyrela Brazil Realty SA........ 35,467 358,540 Cyrela Commercial Properties SA Empreendimentos e Participacoes................ 1,878 7,789 Duratex SA Preference Shares... 13,225 154,261 Empresa Brasileira de Aeronautica SA............... 62,518 424,576 Gafisa SA...................... 14,986 187,233 Gerdau SA ADR.................. 95,387 1,058,796 Gol Linhas Aereas Inteligentes SA Preference Shares......... 8,479 52,528 Investimentos Itau SA.......... 51,899 383,401 Investimentos Itau SA Preference Shares............ 324,440 1,601,218 JBS SA......................... 50,253 123,486 Lojas Americanas SA Preference Shares....................... 49,559 214,530 Lojas Renner SA................ 30,375 370,052 Metalurgica Gerdau SA Preference Shares............ 50,400 776,008 Natura Cosmeticos SA........... 25,011 239,873 NET Servicos de Comunicacao SA Preference Shares (b)........ 21,472 180,663 Perdigao SA ADR (a)............ 10,291 402,790 Petroleo Brasileiro SA ADR Preference Shares............ 180,386 6,750,044 Petroleo Brasileiro SA ADR..... 125,078 5,497,178 Sadia SA Preference Shares..... 34,263 101,246 Souza Cruz SA.................. 16,359 385,791 Tam SA ADR (a)................. 10,374 195,654 Tele Norte Leste Participacoes SA ADR....................... 25,621 447,343 Tim Participacoes SA ADR (a)... 10,590 220,907 Tractebel Energia SA ADR (a)... 3,627 194,625 Unibanco -- Uniao de Bancos Brasileiros SA GDR (a)....... 14,163 1,429,330 Usinas Siderurgicas de Minas Gerais SA ADR (a)............ 34,141 713,636 Vivo Participacoes SA Preference Shares (b)........ 79,622 321,551 Votorantim Celulose e Papel SA ADR (a)...................... 27,971 431,033 ----------- TOTAL BRAZIL................... 44,145,689 ----------- CHILE -- 8.5% Almendral SA................... 2,026,885 163,636 Antarchile SA.................. 32,282 439,257 Banco de Credito e Inversiones.................. 22,340 567,416 CAP SA......................... 16,187 408,170 Cencosud SA ADR (c)............ 12,323 434,949 Companhia de Telecomunicaciones de Chile SA ADR.............. 58,939 401,375 Companhia General de Electricidad................. 86,833 456,850 Empresa Nacional de Electricidad SA ADR (a)...... 15,743 700,721 Empresas CMPC SA............... 20,614 617,036 Empresas COPEC SA.............. 61,099 692,795 Enersis SA ADR................. 32,662 533,044 Lan Airlines SA ADR (a)........ 22,088 251,803 SACI Falabella................. 183,968 644,155 ----------- TOTAL CHILE.................... 6,311,207 ----------- COLUMBIA -- 1.6% BanColombia SA ADR (a)......... 42,844 1,218,912 ----------- MEXICO -- 23.6% Alfa SAB de CV (a)............. 59,675 267,216 America Movil SAB de CV (a).... 2,295,731 5,298,773 Cemex SAB de CV................ 927,928 1,596,177 Corporation GEO SAB de CV (b).. 79,357 180,275 Desarrolladora Homex SAB de CV (b).......................... 39,094 288,951 Empresas ICA SAB de CV (a)(b).. 71,154 205,936 Fomento Economico Mexicano SAB de CV........................ 294,916 1,122,771 Grupo Aeroportuario del Sureste SAB de CV.................... 86,201 421,614 Grupo Bimbo SAB de CV (a)...... 96,041 601,382 Grupo Carso SA de CV (a)....... 94,937 361,174 Grupo Financiero Banorte SAB de CV (a)....................... 209,094 664,159 Grupo Iusacell SA de CV (b).... 8,766 62,677 Grupo Mexico SAB de CV......... 530,200 554,936
See accompanying notes to financial statements. 109 SPDR S&P EMERGING LATIN AMERICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Grupo Modelo SAB de CV......... 173,271 $ 733,304 Grupo Televisa SA ADR (a)...... 1,436 31,405 Grupo Televisa SA de CV........ 187,802 822,662 Impulsora Del Desarrollo Y El Empleo en America Latina SA de CV (a)(b)................. 230,915 235,383 Kimberly-Clark de Mexico SAB de CV........................... 130,937 566,058 Telefonos de Mexico SA de CV... 902,324 1,149,729 Telmex Internacional SAB de CV (a).......................... 902,324 591,289 TV Azteca SA de CV............. 426,858 266,898 Urbi Desarrollos Urbanos SA de CV (a)(b).................... 98,837 229,655 Wal-Mart de Mexico SAB de CV (a).......................... 371,450 1,294,805 ----------- TOTAL MEXICO................... 17,547,229 ----------- PERU -- 3.3% Companhia de Minas Buenaventura SA........................... 28,604 677,679 Companhia Minera Milpo SA...... 88,048 213,342 Credicorp, Ltd. ............... 12,596 784,101 Minsur SA...................... 109,968 212,423 Southern Copper Corp. (a)...... 24,130 460,400 Volcan Cia Minera SA........... 126,254 97,723 ----------- TOTAL PERU..................... 2,445,668 ----------- TOTAL COMMON STOCKS -- (Cost $100,211,308).......... 73,429,719 ----------- RIGHTS -- 0.0%(D) BRAZIL -- 0.0%(D) Cosan SA Industria e Comercio (expiring 10/22/08)(b) (Cost $0).......................... 2,229 139 ----------- SHORT TERM INVESTMENTS -- 12.8% UNITED STATES -- 12.8% MONEY MARKET FUNDS -- 12.8% State Street Navigator Securities Lending Prime Portfolio (e)(f)............. 8,828,249 8,828,249 STIC Prime Portfolio........... 654,864 654,864 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $9,483,113)............ 9,483,113 ----------- TOTAL INVESTMENTS -- 111.7% (Cost $109,694,421).......... 82,912,971 OTHER ASSETS AND LIABILITIES -- (11.7)%....... (8,711,269) ----------- NET ASSETS -- 100.0%........... $74,201,702 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.59% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (d) Amount shown represents less than 0.05% of net assets. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 110 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.2% EGYPT -- 5.7% Commercial International Bank.. 217,140 $ 1,580,898 Eastern Tobacco................ 23,071 1,055,881 Egyptian Financial Group-Hermes Holding...................... 127,553 793,923 Egyptian Kuwait Holding Co. ... 286,833 668,321 Orascom Construction Industries................... 32,517 1,883,932 Orascom Telecom Holding SAE GDR.......................... 36,287 1,281,294 Sidi Kerir Petrochemicals Co. ......................... 137,464 390,058 Suez Cement Co. ............... 69,000 391,705 Telecom Egypt.................. 224,772 612,697 ------------ TOTAL EGYPT.................... 8,658,709 ------------ ISRAEL -- 24.0% Africa-Israel Investments, Ltd. ........................ 990 25,978 Alvarion, Ltd. (a)(b).......... 49,481 287,485 Bank Hapoalim BM............... 553,020 1,706,507 Bank Leumi Le-Israel BM........ 541,580 1,922,668 Bezeq Israeli Telecommunication Corp., Ltd. ................. 593,655 1,058,221 Cellcom Israel, Ltd. .......... 2,314 69,559 Check Point Software Technologies (a)(b).......... 74,585 1,696,063 Delek Automotive Systems, Ltd. ........................ 106,346 1,027,424 Delek Group, Ltd. ............. 4,372 369,429 Elbit Imaging, Ltd. ........... 1,075 20,771 Elbit Systems, Ltd. ........... 35,567 1,887,333 Gazit Globe, Ltd. ............. 61,892 465,863 Harel Insurance Investments & Finances, Ltd. .............. 1,031 42,816 Israel Chemicals, Ltd. ........ 269,144 3,995,828 Israel Discount Bank, Ltd. (a).......................... 390,815 588,449 Makhteshim-Agan Industries, Ltd. ........................ 182,008 1,183,643 Mellanox Technologies, Ltd. (a)(b)....................... 36,265 374,617 Mizrahi Tefahot Bank, Ltd. .... 146,118 931,700 NICE Systems, Ltd. (a)......... 28,782 834,201 Ormat Industries, Ltd. ........ 5,054 55,357 Partner Communications Company, Ltd. ........................ 6,121 116,153 RADVision, Ltd. (a)............ 19,869 119,413 Syneron Medical, Ltd. (a)(b)... 14,737 210,002 Teva Pharmaceutical Industries, Ltd. ........................ 364,174 16,541,429 The Israel Corp., Ltd. ........ 1,387 1,048,000 ------------ TOTAL ISRAEL................... 36,578,909 ------------ JORDAN -- 4.9% Arab Bank PLC.................. 196,500 5,449,859 Jordanian Electric Power Co. .. 254,135 1,761,189 United Arab Investors (a)...... 89,804 316,881 ------------ TOTAL JORDAN................... 7,527,929 ------------ MOROCCO -- 7.8% Attijariwafa Bank.............. 82,530 2,874,151 Banque Centrale Populaire...... 2,634 814,907 Banque Marocaine Du Commerce et l'Industrie SA............... 6,750 768,271 Banque Marocaine du Commerce Exterieur.................... 105,790 3,815,559 Ciments du Maroc............... 3,978 802,769 Douja Promotion Groupe Addoha SA........................... 38,340 755,766 ONA SA......................... 11,042 2,025,726 ------------ TOTAL MOROCCO.................. 11,857,149 ------------ NIGERIA -- 1.1% Guaranty Trust Bank GDR........ 231,190 1,676,127 ------------ SOUTH AFRICA -- 54.7% ABSA Group, Ltd. .............. 144,521 1,884,909 Adcock Ingram Holdings, Ltd. (a).......................... 89,042 362,377 African Bank Investments, Ltd. ........................ 289,457 880,887 African Rainbow Minerals, Ltd. ........................ 46,923 888,520 Anglo Platinum, Ltd. .......... 25,627 2,302,535 AngloGold Ashanti, Ltd. ....... 81,053 1,879,342 Aquarius Platinum, Ltd. ....... 135,442 664,504 ArcelorMittal South Africa, Ltd. ........................ 79,958 1,583,585 Aspen Pharmacare Holdings, Ltd. (a).......................... 248,861 1,277,266 Aveng, Ltd. ................... 135,864 1,025,463 Avusa, Ltd. (a)................ 57,277 164,278 Barloworld, Ltd. .............. 81,900 637,939 Bidvest Group, Ltd. ........... 132,629 1,672,147 Discovery Holdings, Ltd. ...... 31,863 82,730 ElementOne, Ltd. (a)........... 73,194 104,302 Eqstra Holdings, Ltd. (a)...... 62,097 92,313 FirstRand, Ltd. ............... 2,265,209 4,571,096 Foschini, Ltd. ................ 111,132 530,117 Fountainhead Property Trust.... 1,057,770 715,344 Freeworld Coatings, Ltd. ...... 20,340 19,380 Gold Fields, Ltd. ............. 200,687 1,950,970 Grindrod, Ltd. ................ 299,624 644,069 Growthpoint Properties, Ltd. .. 592,344 980,009 Harmony Gold Mining Co., Ltd. (a).......................... 71,445 713,963 Hyprop Investments, Ltd. ...... 143,240 681,547 Impala Platinum Holdings, Ltd. ........................ 247,997 4,971,530 Imperial Holdings, Ltd. ....... 66,993 478,056 Investec, Ltd. ................ 95,910 550,165 JD Group, Ltd. ................ 69,905 251,149 Kumba Iron Ore, Ltd. .......... 37,031 845,207 Massmart Holdings, Ltd. ....... 111,862 1,013,163 Metorex, Ltd. (a).............. 212,519 333,639 MTN Group, Ltd. ............... 691,881 9,608,704 Murray & Roberts Holdings, Ltd. ........................ 152,845 1,770,131 Mvelaphanda Resources, Ltd. (a).......................... 77,290 382,686 Naspers, Ltd. ................. 156,119 3,035,409 Nedbank Group, Ltd. ........... 208,947 2,611,633 Netcare, Ltd. ................. 773,722 770,858 Pick'n Pay Stores, Ltd. ....... 200,139 713,000 Pretoria Portland Cement Co., Ltd. ........................ 21,371 80,651 PSG Group, Ltd. ............... 128,710 245,587 Remgro, Ltd. .................. 204,974 4,703,140 Reunert, Ltd. ................. 105,687 733,752 RMB Holdings, Ltd. ............ 390,155 1,225,028 Sanlam, Ltd. .................. 887,421 1,886,157 Sappi, Ltd. ................... 110,509 1,067,636 Sasol, Ltd. ................... 178,255 7,532,189 Shoprite Holdings, Ltd. ....... 275,558 1,547,396 Standard Bank Group, Ltd. (a).. 418,217 4,723,764 Steinhoff International Holdings, Ltd. .............. 541,232 1,029,437 Sun International, Ltd. ....... 49,588 543,329 Super Group, Ltd. (a).......... 396,813 160,534 Telkom SA, Ltd. ............... 101,945 1,294,157 Tiger Brands, Ltd. ............ 89,042 1,477,465 Truworths International, Ltd. ........................ 259,332 914,168 Woolworths Holdings, Ltd. ..... 461,929 652,675 ------------ TOTAL SOUTH AFRICA............. 83,461,987 ------------ TOTAL COMMON STOCKS -- (Cost $190,369,270).......... 149,760,810 ------------
See accompanying notes to financial statements. 111 SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- RIGHTS -- 0.0%(C) SOUTH AFRICA -- 0.0% (C) Super Group, Ltd. (expiring 12/31/08) (a) (Cost $0).................... 198,406 $ 958 ------------ SHORT TERM INVESTMENTS -- 1.1% UNITED STATES -- 1.1% MONEY MARKET FUNDS -- 1.1% State Street Navigator Securities Lending Prime Portfolio (d)(e)............. 1,202,100 1,202,100 STIC Prime Portfolio........... 557,227 557,227 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $1,759,327)............ 1,759,327 ------------ TOTAL INVESTMENTS -- 99.3% (Cost $192,128,597).......... 151,521,095 OTHER ASSETS AND LIABILITIES -- 0.7%.......... 1,016,463 ------------ NET ASSETS -- 100.0%........... $152,537,558 ============
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Amount shown represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (e) Investments of cash collateral for securities loaned. GDR = Global Depositary Receipt See accompanying notes to financial statements. 112 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 97.8% AUSTRALIA -- 5.9% Abacus Property Group (a)...... 39,392 $ 27,965 Alesco Corp, Ltd. ............. 4,323 20,187 Alumina, Ltd. (a).............. 5,812 14,075 AMP, Ltd. ..................... 5,369 29,561 Ansell, Ltd. .................. 3,724 37,306 APA Group (a).................. 15,854 38,142 Aristocrat Leisure, Ltd. (a)... 2,376 12,107 Asciano Group.................. 2,005 4,998 Australia & New Zealand Banking Group, Ltd. (a).............. 2,642 39,075 Babcock & Brown, Ltd. (a)...... 1,323 2,030 BHP Billiton, Ltd. ............ 7,622 186,379 Billabong International, Ltd. (a).......................... 2,376 25,676 BlueScope Steel, Ltd. (a)...... 3,227 18,633 Brambles, Ltd. ................ 5,160 31,341 Bunnings Warehouse Property Trust........................ 43,879 62,128 Carindale Property Trust....... 29,621 88,787 Commonwealth Bank of Australia (a).......................... 2,110 70,935 Computershare, Ltd. ........... 3,187 23,379 ConnectEast Group.............. 32,338 20,789 CSL, Ltd. ..................... 1,728 50,842 CSR, Ltd. ..................... 10,898 21,319 DUET Group..................... 25,301 51,490 Envestra, Ltd. ................ 107,859 55,727 GWA International, Ltd. (a).... 11,721 25,888 Harvey Norman Holdings, Ltd. .. 8,776 21,391 Hills Industries, Ltd. (a)..... 9,233 31,025 Insurance Australia Group, Ltd. ........................ 6,597 21,335 Lend Lease Corp., Ltd. ........ 2,201 15,941 Macquarie Airports............. 9,068 19,313 Macquarie Group, Ltd. ......... 769 22,444 Mirvac Real Estate Investment Trust........................ 65,138 31,856 National Australia Bank, Ltd. ........................ 2,679 51,266 Newcrest Mining, Ltd. ......... 1,659 36,157 OZ Minerals, Ltd. (a).......... 8,776 11,111 Perpetual, Ltd. (a)............ 545 20,119 Rio Tinto, Ltd. ............... 727 48,457 Sonic Healthcare, Ltd. ........ 2,781 28,737 Suncorp-Metway, Ltd. .......... 2,980 21,861 Tatts Group, Ltd. (a).......... 7,264 13,637 Thakral Holdings Group......... 76,890 52,766 Toll Holdings, Ltd. (a)........ 3,018 16,521 Virgin Blue Holdings, Ltd. (a).......................... 2,288 569 Wesfarmers, Ltd. (a)........... 1,173 26,352 Wesfarmers, Ltd. PPS........... 154 3,426 Westpac Banking Corp. (a)...... 2,821 47,797 Woodside Petroleum, Ltd. ...... 1,617 65,050 Woolworths, Ltd. .............. 2,781 59,667 WorleyParsons, Ltd. ........... 1,029 24,594 ----------- TOTAL AUSTRALIA................ 1,650,151 ----------- AUSTRIA -- 0.3% Erste Bank der Oesterreichischen Sparkassen AG (a)....................... 575 27,824 OMV AG......................... 775 31,929 voestalpine AG................. 507 15,490 ----------- TOTAL AUSTRIA.................. 75,243 ----------- BELGIUM -- 0.8% Bekaert NV..................... 274 36,161 Delhaize Group................. 499 28,734 Dexia SA (a)................... 1,878 19,784 Gimv NV........................ 506 23,519 InBev NV....................... 602 35,376 KBC Groep NV................... 492 41,279 UCB SA......................... 625 21,851 Umicore........................ 859 26,044 ----------- TOTAL BELGIUM.................. 232,748 ----------- CANADA -- 7.9% AGF Management Ltd............. 967 15,598 Agrium, Inc. .................. 679 37,999 Bank of Montreal............... 1,043 45,077 Bank of Nova Scotia (a)........ 1,600 72,235 Barrick Gold Corp. ............ 2,556 93,686 Bombardier, Inc. .............. 5,105 27,753 Brookfield Asset Management, Inc. (Class A)............... 1,308 35,296 Brookfield Infrastructure Partners LP.................. 16 252 CAE, Inc. ..................... 1,550 12,392 Cameco Corp. .................. 1,083 23,489 Canadian Imperial Bank of Commerce (a)................. 825 47,396 Canadian National Railway Co. ......................... 1,348 64,382 Canadian Natural Resources, Ltd. ........................ 1,364 93,653 Canadian Oil Sands Trust....... 1,247 45,461 Canadian Pacific Railway, Ltd. ........................ 640 34,354 Canadian Western Bank (a)...... 1,536 28,778 CGI Group, Inc. (Class A)(b).. 3,165 27,715 Crescent Point Energy Trust.... 1,957 57,263 EnCana Corp. .................. 1,822 116,463 Fairfax Financial Holdings, Ltd. (a)..................... 78 25,027 First Quantum Minerals, Ltd. (a).......................... 304 11,437 Gildan Activewear, Inc. (a)(b)....................... 875 19,464 Goldcorp, Inc. ................ 2,042 64,283 Husky Energy, Inc. ............ 1,075 44,690 Imperial Oil, Ltd. ............ 1,083 46,429 International Royalty Corp..... 4,999 14,529 Kinross Gold Corp. (a)......... 2,033 32,679 Magna International, Inc. (Class A).................... 492 25,303 Manulife Financial Corp. ...... 3,025 108,914 MDS, Inc. (b).................. 1,630 19,486 Nexen, Inc. ................... 1,303 30,271 Nortel Networks, Corp. (b)..... 1,832 4,032 OPTI Canada, Inc. (b).......... 1,558 17,216 Petro-Canada................... 1,465 48,778 Potash Corp. of Saskatchewan, Inc. ........................ 817 106,021 Research In Motion, Ltd. (b)... 1,124 75,811 Rogers Communications, Inc. (Class B) (a)................ 1,356 44,027 Royal Bank of Canada (a)....... 2,376 114,095 Russel Metals, Inc. ........... 1,239 26,803 Shaw Communications, Inc. ..... 1,467 29,721 Sherritt International Corp. .. 1,690 9,044 Sun Life Financial, Inc. ...... 1,231 43,071 Suncor Energy, Inc. ........... 2,308 95,515 Talisman Energy, Inc. ......... 3,085 43,582 Teck Cominco, Ltd. (Class B)... 1,306 37,121 TELUS Corp. (Non-Voting)....... 599 21,471 TMX Group, Inc. (a)............ 740 20,184
See accompanying notes to financial statements. 113 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Toronto-Dominion Bank.......... 1,708 $ 102,943 TransCanada Corp. (a).......... 1,519 54,534 WesternZagros Resources, Ltd. (b).......................... 326 377 ----------- TOTAL CANADA................... 2,216,100 ----------- CHINA -- 1.8% Bank of East Asia, Ltd. ....... 6,140 18,979 Chong Hing Bank, Ltd. ......... 12,000 21,637 Dah Sing Banking Group, Ltd. .. 15,670 16,085 Dah Sing Financial Holdings, Ltd. ........................ 2,417 10,086 Esprit Holdings, Ltd. ......... 3,600 21,954 Giordano International, Ltd. .. 72,000 25,037 Hang Lung Group, Ltd. ......... 12,000 37,402 Hang Lung Properties, Ltd. .... 12,000 27,634 Hong Kong Exchanges and Clearing, Ltd. .............. 3,600 43,167 Hong Kong Land Holdings, Ltd. ........................ 7,000 20,720 Hopewell Holdings.............. 6,000 21,483 Hysan Development Co., Ltd. ... 12,321 31,706 Li & Fung, Ltd. ............... 12,000 28,716 New World Development Co., Ltd. ........................ 14,137 15,385 Pacific Basin Shipping, Ltd. .. 24,000 19,474 Sino Land Co., Ltd. ........... 12,079 13,223 Swire Pacific, Ltd. ........... 3,000 26,042 The Link REIT.................. 13,868 28,614 Transport International Holdings, Ltd. .............. 8,000 22,204 Wheelock & Co., Ltd. .......... 18,000 32,317 Wing Hang Bank, Ltd. .......... 3,000 22,816 ----------- TOTAL CHINA.................... 504,681 ----------- DENMARK -- 0.9% A P Moller -- Maersk A/S....... 6 51,282 Bang & Olufsen A/S (Class B)... 241 8,938 DSV A/S........................ 1,646 25,642 FLSmidth & Co. A/S............. 304 15,052 Forstaedernes Bank A/S......... 779 14,812 GN Store Nord A/S (a)(b)....... 2,301 9,833 Novo-Nordisk A/S (Class B)..... 1,280 65,304 SimCorp A/S.................... 118 13,618 Vestas Wind Systems A/S (b).... 545 46,273 ----------- TOTAL DENMARK.................. 250,754 ----------- FINLAND -- 1.8% Amer Sports Oyj (Class A) (a).. 1,666 19,891 Elisa Oyj...................... 999 19,281 Fortum Oyj..................... 1,332 44,118 Kemira Oyj (a)................. 1,364 15,902 Kesko Oyj (Class B)............ 616 15,506 Kone Oyj (Class B)............. 1,309 34,935 Konecranes Oyj................. 857 19,995 Lassila & Tikanoja Oyj......... 1,332 25,820 Metso Oyj...................... 640 15,346 Neste Oil Oyj (a).............. 1,061 21,714 Nokia Oyj...................... 4,781 86,632 Pohjola Bank PLC............... 1,948 27,746 Rautaruukki Oyj................ 529 10,343 Sampo Oyj (Class A)............ 1,278 28,399 SanomaWSOY Oyj (a)............. 1,285 23,988 Stockmann Oyj (Class B)........ 851 19,903 Stora Enso Oyj................. 2,150 20,627 UPM-Kymmene Oyj................ 1,582 24,310 Uponor Oyj..................... 787 9,805 Wartsila Oyj (Class B)......... 458 18,952 YIT Oyj........................ 943 9,669 ----------- TOTAL FINLAND.................. 512,882 ----------- FRANCE -- 8.7% Accor SA....................... 586 30,764 Air France-KLM................. 593 13,323 Air Liquide SA................. 515 56,002 Alcatel-Lucent (a)(b).......... 5,500 20,836 Alstom SA...................... 530 39,282 AXA (a)........................ 3,819 122,817 BNP Paribas SA (a)............. 1,566 145,355 Bourbon SA (a)................. 438 21,496 Bouygues SA.................... 685 30,549 CA Ile de France CCI........... 250 20,192 Cap Gemini SA.................. 536 24,996 Carrefour SA................... 1,402 65,184 Casino Guichard-Perrachon SA... 288 25,344 Cie de Saint-Gobain............ 840 42,648 Cie Generale de Geophysique- Veritas (b).................. 590 18,348 Cie Generale des Etablissements Michelin..................... 412 26,303 Credit Agricole SA............. 1,644 30,955 Electricite de France.......... 526 37,633 Essilor International SA (a)... 763 37,629 France Telecom SA.............. 3,936 109,468 GDF Suez....................... 2,786 142,837 Groupe Danone (a).............. 1,027 72,129 Guyenne et Gascogne SA......... 296 26,231 Hermes International (a)....... 282 45,359 L'Oreal SA (a)................. 529 51,457 Lafarge SA..................... 388 40,216 Lagardere SCA.................. 631 28,092 LVMH Moet Hennessy Louis Vuitton SA (a)............... 451 39,118 Nexans SA...................... 180 15,671 Pernod-Ricard SA (a)........... 560 48,596 PPR............................ 228 20,076 PSA Peugeot Citroen............ 523 19,372 Publicis Groupe (a)............ 725 22,496 Renault SA..................... 475 29,728 Rhodia SA (a).................. 653 9,906 Sanofi-Aventis................. 2,042 133,519 Schneider Electric SA.......... 569 48,151 Societe Generale............... 881 76,725 Sodexho........................ 421 24,600 Suez SA (b).................... 717 17,615 Technip SA..................... 475 26,268 Thomson (b).................... 1,970 6,946 Total SA....................... 4,953 296,239 Unibail-Rodamco (a)............ 190 37,930 Valeo SA (a)................... 506 15,104 Vallourec SA................... 154 32,677 Veolia Environnement........... 919 37,261 Vinci SA....................... 1,105 51,190 Vivendi SA..................... 2,727 84,347 ----------- TOTAL FRANCE................... 2,418,980 ----------- GERMANY -- 7.4% Adidas AG...................... 703 37,228 Allianz SE..................... 967 130,777 BASF SE........................ 1,868 88,556
See accompanying notes to financial statements. 114 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Bayer AG....................... 1,738 $ 126,458 Bayerische Motoren Werke AG.... 796 30,513 Bilfinger Berger AG............ 265 13,646 Commerzbank AG................. 1,642 23,987 Continental AG (b)............. 272 26,976 Daimler AG..................... 2,205 109,643 Deutsche Bank AG............... 1,122 78,068 Deutsche Boerse AG............. 529 47,459 Deutsche Post AG............... 1,918 39,819 Deutsche Telekom AG............ 6,717 101,615 E.ON AG........................ 4,400 219,901 Fresenius Medical Care AG & Co. KGaA......................... 631 32,502 GEA Group AG................... 951 18,247 Hochtief AG.................... 228 10,719 Hypo Real Estate Holding AG (a).......................... 521 3,037 Infineon Technologies AG (b)... 2,795 15,370 IVG Immobilien AG.............. 529 5,045 Lanxess AG..................... 545 14,821 Linde AG....................... 328 34,776 MAN AG (a)..................... 319 21,194 Merck KGaA..................... 241 25,525 Muenchener Rueckversicherungs- Gesellschaft AG.............. 545 81,307 Puma AG Rudolf Dassler Sport... 48 12,926 Rheinmetall AG................. 337 17,960 RWE AG......................... 1,122 106,381 Salzgitter AG.................. 164 16,301 SAP AG......................... 2,150 113,763 Siemens AG..................... 1,965 181,479 ThyssenKrupp AG................ 943 27,856 TUI AG (a)..................... 1,178 19,285 Volkswagen AG (a).............. 514 200,721 Wincor Nixdorf AG.............. 406 23,661 ----------- TOTAL GERMANY.................. 2,057,522 ----------- GREECE -- 0.5% Hellenic Telecommunications Organization SA ADR (a)...... 4,185 37,665 National Bank of Greece SA ADR (a).......................... 11,629 95,939 ----------- TOTAL GREECE................... 133,604 ----------- IRELAND -- 0.8% Anglo Irish Bank Corp PLC...... 2,231 12,046 Bank of Ireland................ 2,203 12,223 C&C Group PLC.................. 1,865 4,975 CRH PLC........................ 1,356 28,571 DCC PLC........................ 967 18,473 Elan Corp. PLC (b)............. 1,142 11,788 Grafton Group PLC (b).......... 2,246 10,190 Independent News & Media PLC... 6,764 11,021 Kingspan Group PLC............. 957 8,603 Ryanair Holdings PLC ADR (a)(b)....................... 2,684 60,202 United Drug PLC................ 7,353 39,041 ----------- TOTAL IRELAND.................. 217,133 ----------- ITALY -- 3.3% Assicurazioni Generali SpA (a).......................... 2,492 81,839 Atlantia SpA................... 1,263 25,671 Banca Italease SpA (b)......... 514 3,213 Banca Piccolo Credito Valtellinese Scarl........... 2,743 22,578 Banca Popolare dell'Etruria e del Lazio Scrl............... 2,580 20,004 Banca Popolare di Milano Scarl........................ 2,424 20,191 Banco Popolare Societa Cooperativa Scarl............ 816 12,482 Davide Campari-Milano SpA...... 3,405 27,286 Enel SpA....................... 7,856 64,996 Eni SpA........................ 5,255 137,295 Fiat SpA....................... 2,235 29,416 Finmeccanica SpA............... 1,200 25,688 Fondiaria -Sai SpA............. 599 13,917 IFIL Investments SpA (a)....... 3,380 15,003 Intesa Sanpaolo SpA............ 22,326 120,580 Parmalat SpA (a)............... 10,708 24,968 Pirelli & C. SpA............... 43,813 25,417 Saipem SpA..................... 1,348 39,592 Seat Pagine Gialle SpA (a)(b).. 52,616 5,077 Societa Cattolica di Assicurazioni Scrl........... 655 29,883 Telecom Italia SpA............. 29,970 44,286 UniCredit SpA.................. 22,634 82,582 Unione di Banche Italiane ScpA......................... 2,088 45,226 ----------- TOTAL ITALY.................... 917,190 ----------- JAPAN -- 19.2% Advantest Corp. (a)............ 900 18,481 Aeon Co., Ltd. (a)............. 2,400 23,804 Aoyama Trading Co., Ltd. (a)... 1,200 15,723 Asahi Breweries, Ltd. (a)...... 2,200 38,129 Asahi Kasei Corp. (a).......... 6,000 24,810 Astellas Pharma, Inc. (a)...... 1,200 49,395 Bridgestone Corp. (a).......... 1,800 33,231 Canon, Inc. ................... 2,500 89,954 Casio Computer Co., Ltd. (a)... 1,600 14,800 Central Japan Railway Co. ..... 6 56,233 Chubu Electric Power Co., Inc. (a).......................... 1,800 42,133 Chugai Pharmaceutical Co., Ltd. (a).......................... 1,480 23,727 Chuo Mitsui Trust Holdings, Inc. ........................ 6,000 31,084 Cosmo Oil Co., Ltd. ........... 7,000 16,352 Credit Saison Co., Ltd. ....... 1,200 19,114 CSK Holdings Corp. (a)......... 800 11,529 Daiichi Sankyo Co., Ltd. (a)... 1,800 45,693 Daikin Industries, Ltd. ....... 1,200 39,222 Daito Trust Construction Co., Ltd. (a)..................... 600 21,872 Daiwa Securities Group, Inc. (a).......................... 6,000 41,709 Denso Corp. (a)................ 1,200 28,710 Dentsu, Inc. (a)............... 9 17,794 East Japan Railway Co. ........ 7 51,825 Eisai Co., Ltd. (a)............ 700 26,967 Fanuc, Ltd. ................... 600 43,743 FUJIFILM Holdings Corp. (a).... 1,200 30,406 Fujitsu, Ltd. ................. 7,000 38,440 Fukuoka Financial Group, Inc. (a).......................... 6,000 21,420 Hankyu Hanshin Holdings, Inc. (a).......................... 7,000 31,979 Hitachi, Ltd. ................. 8,000 54,104 Honda Motor Co., Ltd. ......... 3,000 87,317 Hoya Corp. (a)................. 1,300 25,225 Ibiden Co., Ltd. (a)........... 600 14,072 IHI Corp. ..................... 9,000 13,733 Isetan Mitsukoshi Holdings, Ltd. (a)(b).................. 2,100 24,172 Isuzu Motors, Ltd. ............ 6,000 16,050 Itochu Corp. (a)............... 6,000 35,153 Japan Digital Laboratory Co., Ltd. ........................ 2,400 25,726 Japan Tobacco, Inc. ........... 10 37,112
See accompanying notes to financial statements. 115 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- JFE Holdings, Inc. (a)......... 1,200 $ 35,944 JSR Corp. (a).................. 1,200 15,508 Kajima Corp. (a)............... 8,000 23,586 Kawasaki Heavy Industries, Ltd. (a).......................... 7,000 14,374 KDDI Corp. (a)................. 6 33,288 Kintetsu Corp. (a)............. 12,000 41,596 Kiyo Holdings, Inc. ........... 18,000 25,602 Kobe Steel, Ltd. .............. 6,000 11,699 Komatsu, Ltd. ................. 2,400 37,866 Konica Minolta Holdings, Inc. (a).......................... 3,000 33,542 Kubota Corp. (a)............... 6,000 36,622 Kurita Water Industries, Ltd. (a).......................... 1,200 27,184 Kyocera Corp. (a).............. 600 44,534 Leopalace21 Corp. ............. 800 6,058 Marubeni Corp. (a)............. 6,000 26,449 Matsushita Electric Industrial Co., Ltd. ................... 6,000 101,446 Mediceo Paltac Holdings Co., Ltd. ........................ 1,500 18,127 MISUMI Group, Inc. (a)......... 2,000 34,098 Mitsubishi Motors Corp. (a)(b)....................... 19,000 31,140 Mitsubishi Chemical Holdings Corp. (a).................... 3,000 15,627 Mitsubishi Corp. (a)........... 3,400 69,015 Mitsubishi Electric Corp. (a).. 6,000 39,052 Mitsubishi Heavy Industries, Ltd. ........................ 12,000 50,412 Mitsubishi Materials Corp. .... 6,000 18,424 Mitsubishi UFJ Financial Group, Inc. ........................ 23,400 196,828 Mitsui & Co., Ltd. ............ 4,000 48,151 Mitsui Chemicals, Inc. (a)..... 6,000 25,884 Mitsui OSK Lines, Ltd. ........ 6,000 49,960 Mitsui Sumitomo Insurance Group Holdings, Inc. .............. 1,500 49,310 Mizuho Financial Group, Inc. (a).......................... 24 99,920 Murata Manufacturing Co., Ltd. (a).......................... 600 23,567 NEC Corp. (a).................. 7,000 29,011 Nidec Corp. (a)................ 600 36,057 Nintendo Co., Ltd. ............ 200 81,760 Nippon Mining Holdings, Inc. .. 4,000 15,787 Nippon Oil Corp. (a)........... 6,000 29,671 Nippon Steel Corp. (a)......... 12,000 43,743 Nippon Telegraph & Telephone Corp. ....................... 9 39,759 Nippon Yusen KK................ 6,000 37,753 Nissan Motor Co., Ltd. (a)..... 4,800 31,513 Nitto Denko Corp. ............. 600 14,892 Nomura Holdings, Inc. (a)...... 4,200 52,458 NTT Data Corp. (a)............. 7 27,297 NTT DoCoMo, Inc. .............. 40 63,260 Obayashi Corp. (a)............. 6,000 29,558 ORIX Corp. .................... 240 28,439 Pioneer Corp. (a).............. 2,400 15,440 Resona Holdings, Inc. (a)...... 18 23,075 Rohm Co., Ltd. ................ 600 32,271 Rohto Pharmaceutical Co., Ltd. ........................ 2,000 22,512 Secom Co., Ltd. ............... 800 32,779 Seven & I Holdings Co., Ltd. (a).......................... 2,200 62,064 Shimizu Corp. (a).............. 7,000 32,506 Shin-Etsu Chemical Co., Ltd. .. 1,000 46,060 Softbank Corp. (a)............. 1,900 24,035 Sompo Japan Insurance, Inc. ... 4,000 32,666 Sony Corp. .................... 2,400 71,662 Stanley Electric Co., Ltd. .... 1,600 22,938 Sumitomo Chemical Co., Ltd. ... 6,000 25,715 Sumitomo Corp. (a)............. 3,000 27,156 Sumitomo Electric Industries, Ltd. (a)..................... 2,400 25,613 Sumitomo Metal Industries, Ltd. ........................ 12,000 35,831 Sumitomo Mitsui Financial Group, Inc. (a).............. 18 106,815 T&D Holdings, Inc. ............ 600 30,858 Taisei Corp. (a)............... 9,000 23,058 Takeda Pharmaceutical Co., Ltd. (a).......................... 1,800 89,012 TDK Corp. (a).................. 600 29,049 Teijin, Ltd. (a)............... 6,000 17,633 Terumo Corp. .................. 800 41,068 The Akita Bank, Ltd. .......... 6,000 22,606 The Aomori Bank, Ltd. ......... 12,000 44,874 The Awa Bank, Ltd. ............ 6,000 34,305 The Bank of Iwate, Ltd. ....... 600 35,266 The Bank of Okinawa, Ltd. ..... 600 20,967 The Bank of Yokohama, Ltd. (a).......................... 6,000 28,371 The Chiba Bank, Ltd. (a)....... 6,000 30,179 The Daisan Bank, Ltd. ......... 18,000 59,681 The Daishi Bank, Ltd. ......... 10,000 38,713 The Eighteenth Bank, Ltd. ..... 8,000 20,421 The Furukawa Electric Co., Ltd. ........................ 6,000 25,658 The Higo Bank, Ltd. (a)........ 6,000 33,853 The Hokkoku Bank, Ltd. (a)..... 6,000 22,211 The Hyakugo Bank, Ltd. ........ 6,000 33,344 The Musashino Bank, Ltd. (a)... 600 17,011 The Nanto Bank, Ltd. (a)....... 6,000 31,253 The Ogaki Kyoritsu Bank, Ltd. ........................ 6,000 31,310 The San-In Godo Bank, Ltd. .... 6,000 45,947 The Shiga Bank, Ltd. (a)....... 6,000 37,357 The Shikoku Bank, Ltd. ........ 12,000 37,527 The Sumitomo Trust & Banking Co., Ltd. ................... 6,000 37,866 The Toho Bank, Ltd. ........... 12,000 46,117 The Tokyo Electric Power Co., Inc. (a)..................... 2,400 58,550 The Yamagata Bank, Ltd. ....... 10,000 55,574 The Yamanashi Chuo Bank, Ltd. ........................ 6,000 29,219 Tokio Marine Holdings, Inc. ... 1,800 63,411 Tokyo Electron, Ltd. (a)....... 600 26,336 Tokyo Gas Co., Ltd. ........... 8,000 32,930 Tokyu Corp. ................... 6,000 28,145 Toray Industries, Inc. (a)..... 6,000 27,523 Toshiba Corp. (a).............. 7,000 29,737 Toyota Motor Corp. ............ 5,600 231,037 USS Co., Ltd. ................. 500 31,743 Yamada Denki Co., Ltd. (a)..... 420 31,293 ----------- TOTAL JAPAN.................... 5,376,865 ----------- LUXEMBOURG -- 0.4% ArcelorMittal.................. 1,786 88,118 SES............................ 1,505 31,287 ----------- TOTAL LUXEMBOURG............... 119,405 ----------- NETHERLANDS -- 4.2% Aegon NV....................... 3,224 28,077 Akzo Nobel NV.................. 763 36,027 ASML Holding NV................ 1,386 24,160 European Aeronautic Defence and Space Co. NV (a)............. 1,239 20,884 Fortis......................... 3,335 20,143 Fortis VVPR Strip (b).......... 592 8 Fugro NV....................... 501 29,170
See accompanying notes to financial statements. 116 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Heineken NV.................... 763 $ 30,379 ING Groep NV................... 4,856 101,837 Koninklijke (Royal) Philips Electronics NV............... 2,635 70,638 Koninklijke Ahold NV........... 3,443 39,304 Koninklijke DSM NV............. 767 35,936 Koninklijke Royal KPN NV....... 4,333 62,032 Koninkljike Numico NV (c)...... 180 13,881 Randstad Holding NV............ 438 11,354 Reed Elsevier NV (a)........... 2,639 39,030 Royal Dutch Shell PLC (Class A)........................... 7,926 228,586 Royal Dutch Shell PLC (Class B)........................... 5,862 164,881 SBM Offshore NV (a)............ 844 17,807 STMicroelectronics NV (a)...... 3,434 33,861 TNT NV......................... 1,200 32,869 Unilever NV.................... 3,594 100,260 Wolters Kluwer NV.............. 1,247 24,934 ----------- TOTAL NETHERLANDS.............. 1,166,058 ----------- NEW ZEALAND -- 0.1% Calan Healthcare Properties Trust........................ 46,271 33,068 ----------- NORWAY -- 0.7% DnB NOR ASA.................... 2,455 18,436 Norsk Hydro ASA................ 2,073 13,587 Norske Skogindustrier ASA (a)(b)....................... 3,073 12,318 Orkla ASA...................... 3,272 29,276 Petroleum Geo-Services ASA (a)(b)....................... 742 9,551 StatoilHydro ASA............... 2,433 57,159 Storebrand ASA................. 1,943 11,207 Telenor ASA.................... 1,957 23,766 Yara International ASA......... 897 30,799 ----------- TOTAL NORWAY................... 206,099 ----------- PORTUGAL -- 0.4% Banco Comercial Portugues SA (a).......................... 13,223 21,211 Ibersol, SGPS SA............... 5,432 44,560 Portugal Telecom, SGPS, SA (a).......................... 3,617 36,098 Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA (a).................. 663 4,833 ----------- TOTAL PORTUGAL................. 106,702 ----------- SINGAPORE -- 0.9% Ascendas REIT.................. 20,000 26,159 CapitaLand, Ltd. .............. 7,000 14,982 City Developments, Ltd. (a).... 6,000 36,889 Cosco Corp. Singapore, Ltd. (a).......................... 12,000 12,590 Flextronics International, Ltd. (b).......................... 2,978 21,084 Genting International PLC (a)(b)....................... 46,000 14,639 Keppel Corp., Ltd. ............ 4,978 27,333 SembCorp Industries, Ltd. ..... 8,000 18,074 Singapore Exchange, Ltd. ...... 6,000 25,726 Stamford Land Corp, Ltd. ...... 190,000 49,836 ----------- TOTAL SINGAPORE................ 247,312 ----------- SOUTH AFRICA -- 0.0%(D) Mondi, Ltd. (a)................ 118 610 ----------- SOUTH KOREA -- 2.4% Hyundai Securities Co., Ltd. .. 6,020 57,858 KIWOOM Securities Co., Ltd. ... 1,822 42,420 Korea Electric Power Corp. ADR.......................... 4,326 53,599 KT Corp. ADR................... 4,542 76,260 LG Display Co., Ltd. ADR (a)... 3,862 49,048 POSCO ADR (a).................. 1,378 128,664 Samsung Electronics Co., Ltd. GDR (e)...................... 751 168,224 SK Telecom Co., Ltd. ADR (a)... 5,143 96,791 ----------- TOTAL SOUTH KOREA.............. 672,864 ----------- SPAIN -- 4.9% Abertis Infraestructuras SA (a).......................... 2,034 39,485 Acciona SA (a)................. 156 23,293 Acerinox SA (a)................ 1,161 20,483 ACS, Actividades de Construccion y Servicios SA (a).......................... 773 30,913 Banco Bilbao Vizcaya Argentaria SA........................... 6,133 98,725 Banco de Andalucia SA.......... 375 22,808 Banco de Valencia SA........... 2,932 35,377 Banco Guipuzcoano SA (a)....... 1,746 16,432 Banco Pastor SA................ 1,558 13,240 Banco Popular Espanol SA (a)... 3,016 35,120 Banco Sabadell SA (a).......... 4,329 33,140 Banco Santander SA............. 10,618 156,603 Cia Espanola de Petroleos SA (a).......................... 428 41,843 Ebro Puleva SA (a)............. 1,839 28,776 Enagas......................... 1,994 42,573 Faes Farma SA.................. 1,578 11,858 Gamesa Corp. Tecnologica SA.... 951 32,086 Gestevision Telecinco SA (a)... 1,488 15,007 Grupo Ferrovial SA (a)......... 343 15,533 Iberdrola SA................... 9,042 90,684 Iberia Lineas Aereas de Espana (a).......................... 7,448 17,890 Indra Sistemas, SA (a)......... 1,654 38,985 Industria de Desino Textil SA (a).......................... 809 33,739 NH Hoteles SA (a).............. 1,666 19,423 Red Electrica Corporacion SA... 903 45,472 Repsol YPF SA.................. 2,548 74,802 Sacyr Vallehermoso SA (a)...... 499 8,124 SOS Cuetara SA (a)............. 2,827 47,651 Telefonica SA.................. 9,855 232,421 Union Fenosa SA................ 2,055 49,764 ----------- TOTAL SPAIN.................... 1,372,250 ----------- SWEDEN -- 1.7% Alfa Laval AB.................. 1,846 18,598 Assa Abloy AB (Class B)(a)..... 1,465 17,334 Atlas Copco AB (Class B)....... 4,207 41,480 Boliden AB Mines............... 1,091 4,444 Electrolux AB (a).............. 1,137 13,004 Hennes & Mauritz AB (Class B).. 1,091 43,498 Investor AB.................... 1,957 35,714 Kinnevik Investment AB......... 1,433 16,544 Nordea Bank AB................. 4,536 52,758 Sandvik AB..................... 2,795 28,861 Scania AB...................... 1,682 20,203 Securitas AB (Class B)......... 2,564 28,222 Skanska AB (Class B)........... 2,230 24,786 Tele2 AB (Class B)............. 1,676 18,688 Telefonaktiebolaget LM Ericsson (Class B).................... 7,261 66,646 TeliaSonera AB................. 4,581 25,688 Volvo AB ADR (Class A)......... 3,702 30,661 ----------- TOTAL SWEDEN................... 487,129 ----------- SWITZERLAND -- 6.8% ABB, Ltd. (b).................. 5,042 94,972
See accompanying notes to financial statements. 117 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Adecco SA...................... 572 $ 24,609 Alcon, Inc. ................... 234 37,793 Bachem Holding AG (Class B).... 428 33,782 Cie Financiere Richemont SA (Class A).................... 679 29,613 Clariant AG (b)................ 1,374 13,137 Credit Suisse Group AG......... 2,440 108,590 Geberit AG (a)................. 166 20,194 Graubuendner Kantonalbank...... 32 27,398 Holcim, Ltd. .................. 492 35,542 Julius Baer Holding AG......... 545 26,442 Kuehne & Nagel International AG........................... 334 21,939 Lonza Group AG................. 304 37,849 Nestle SA...................... 8,003 344,031 Nobel Biocare Holding AG....... 701 23,170 Novartis AG.................... 5,532 288,873 PSP Swiss Property AG (a)(b)... 927 53,615 Roche Holding AG............... 1,643 255,700 SGS SA......................... 24 27,997 Sulzer AG...................... 170 17,891 Swatch Group AG................ 141 25,591 Swiss Life Holding (b)......... 100 14,350 Swiss Reinsurance.............. 790 42,767 Syngenta AG.................... 288 60,926 UBS AG (b)..................... 5,730 94,337 Xstrata PLC.................... 1,457 44,565 Zurich Financial Services AG... 310 84,602 ----------- TOTAL SWITZERLAND.............. 1,890,275 ----------- UNITED KINGDOM -- 16.0% 3i Group PLC................... 1,262 15,926 Amec PLC....................... 2,312 26,230 Anglo American PLC............. 3,168 104,748 AstraZeneca PLC................ 3,366 147,593 Aviva PLC...................... 5,666 48,477 BAE Systems PLC................ 7,973 58,551 Balfour Beatty PLC............. 3,697 19,769 Barclays PLC................... 13,162 76,599 Barratt Developments PLC....... 3,472 6,483 BG Group PLC................... 8,118 146,580 BHP Billiton PLC............... 5,221 117,165 BP PLC......................... 40,955 338,721 British Airways PLC (a)........ 2,338 7,009 British American Tobacco PLC... 3,117 101,951 British Energy Group PLC....... 2,954 40,017 British Land Co. PLC........... 1,465 19,441 British Sky Broadcasting Group PLC.......................... 3,672 27,130 BT Group PLC................... 16,684 47,908 Burberry Group PLC............. 2,298 15,975 Cable & Wireless PLC........... 7,075 20,871 Cadbury PLC.................... 3,067 30,915 Capita Group PLC............... 3,953 49,181 Carnival PLC................... 703 20,813 Centrica PLC................... 8,845 49,504 Compass Group PLC.............. 6,248 38,310 Diageo PLC..................... 4,777 80,464 Drax Group PLC................. 1,893 25,374 DSG International PLC.......... 8,594 7,315 Enterprise Inns PLC............ 2,400 7,636 Experian PLC................... 4,282 28,049 FirstGroup PLC................. 2,252 21,375 Friends Provident PLC.......... 7,761 13,017 G4S PLC........................ 6,530 23,570 GKN PLC........................ 3,640 12,700 GlaxoSmithKline PLC............ 11,823 255,205 Hays PLC....................... 11,264 16,062 HBOS PLC....................... 8,899 19,415 Home Retail Group PLC.......... 2,868 11,860 HSBC Holdings PLC.............. 22,135 355,485 ICAP PLC....................... 2,791 17,661 Imperial Tobacco Group PLC..... 2,626 84,112 Inchcape PLC................... 2,516 8,409 Informa PLC.................... 2,469 13,852 Intercontinental Hotels Group PLC.......................... 1,177 14,434 International Power PLC........ 4,739 30,557 Invensys PLC (b)............... 3,031 11,089 Investec PLC................... 1,957 10,543 ITV PLC........................ 13,730 10,279 J Sainsbury PLC................ 3,942 24,452 Kingfisher PLC................. 7,535 17,688 Land Securities Group PLC...... 1,098 24,464 Legal & General Group PLC...... 13,105 23,359 Lloyds TSB Group PLC........... 11,922 48,132 Logica PLC..................... 8,296 15,970 Lonmin PLC..................... 445 18,037 Man Group PLC.................. 4,386 26,326 Marks & Spencer Group PLC...... 4,419 15,871 Michael Page International PLC.......................... 3,364 13,851 Mondi PLC (a).................. 3,004 13,815 National Express Group PLC..... 1,029 14,710 National Grid PLC.............. 5,522 70,277 Next PLC....................... 840 15,257 Old Mutual PLC................. 14,455 19,839 Pearson PLC.................... 2,603 27,838 Persimmon PLC.................. 1,760 12,494 Prudential PLC................. 5,612 50,766 Punch Taverns PLC.............. 1,137 2,736 Reckitt Benckiser PLC.......... 1,393 67,313 Rentokil Initial PLC........... 12,863 15,820 Rio Tinto PLC.................. 2,143 132,585 Rolls-Royce Group PLC (b)...... 5,131 30,775 Royal & Sun Alliance Insurance Group PLC.................... 9,562 25,395 Royal Bank of Scotland Group PLC.......................... 25,086 80,039 SABMiller PLC.................. 2,159 41,793 Scottish & Southern Energy PLC.......................... 2,079 52,880 Serco Group PLC................ 3,983 25,665 Shire, Ltd. ................... 1,839 28,960 Smith & Nephew PLC............. 3,987 42,000 Smiths Group PLC............... 1,518 27,382 Standard Chartered PLC......... 2,473 59,288 Standard Life PLC.............. 6,199 26,519 Tate & Lyle PLC................ 3,252 22,085 Taylor Wimpey PLC.............. 8,792 5,524 Tesco PLC...................... 17,160 118,554 The Sage Group PLC............. 6,514 22,676 Thomson Reuters PLC............ 305 6,747 Tomkins PLC.................... 6,156 16,871 Tullow Oil PLC................. 3,417 43,426 Unilever PLC................... 2,978 80,790 United Business Media PLC...... 1,699 14,839 Virgin Media, Inc. (a)......... 989 7,813
See accompanying notes to financial statements. 118 SPDR S&P WORLD EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Vodafone Group PLC............. 118,307 $ 258,745 William Hill PLC............... 2,541 10,576 William Morrison Supermarkets PLC.......................... 7,422 34,198 Willis Group Holdings, Ltd. (a).......................... 857 27,647 Wolseley PLC................... 1,878 13,950 WPP Group PLC.................. 3,492 27,885 Yell Group PLC................. 3,280 4,473 ----------- TOTAL UNITED KINGDOM........... 4,483,425 ----------- UNITED STATES -- 0.0% (D) Dr. Pepper Snapple Group, Inc. (b).......................... 96 2,542 ----------- TOTAL COMMON STOCKS -- (Cost $34,736,667)........... 27,351,592 ----------- PREFERRED STOCKS -- 0.3% GERMANY -- 0.3% Fresenius SE................... 358 25,742 Henkel AG & Co. KGaA........... 747 27,124 Porsche Automobil Holding SE... 238 25,340 ----------- TOTAL GERMANY.................. 78,206 ----------- ITALY -- 0.0%(D) Istituto Finanziario Industriale SpA (b).......... 803 8,708 ----------- TOTAL PREFERRED STOCKS -- (Cost $120,136).............. 86,914 ----------- RIGHTS -- 0.0% (D) AUSTRALIA -- 0.0% (D) Alumina Limited (expired 9/19/08) (b)(c) (Cost $0).................... 1,011 56 ----------- SHORT TERM INVESTMENTS -- 9.0% UNITED STATES -- 9.0% MONEY MARKET FUNDS -- 9.0% State Street Navigator Securities Lending Prime Portfolio (f)(g)............. 2,150,629 2,150,629 STIC Prime Portfolio........... 358,577 358,577 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $2,509,206)............ 2,509,206 ----------- TOTAL INVESTMENTS -- 107.1% (Cost $37,366,009)........... 29,947,768 OTHER ASSETS AND LIABILITIES -- (7.1)%........ (1,974,830) ----------- NET ASSETS -- 100.0%........... $27,972,938 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Amount shown represents less than 0.05% of net assets. (e) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 0.6% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (g) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt REIT = Real Estate Investment Trust See accompanying notes to financial statements. 119 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 97.8% AUSTRALIA -- 8.4% ABB Grain, Ltd. .............. 70,835 $ 441,969 Adelaide Brighton, Ltd. (a)... 336,499 820,180 Ausenco, Ltd. ................ 72,516 644,079 Austar United Communications, Ltd. ....................... 531,199 473,481 Austereo Group, Ltd. ......... 711,987 895,777 Australian Wealth Management, Ltd. (a).................... 437,208 415,568 Australian Worldwide Exploration, Ltd. (b)....... 587,195 1,185,740 Beach Petroleum, Ltd. (a)(b).. 847,615 605,082 Billabong International, Ltd. ....................... 75,808 819,224 Boom Logistics, Ltd. (a)...... 435,926 407,472 Buru Energy Ltd(b)............ 262,133 55,828 Campbell Brothers, Ltd. ...... 49,398 1,250,782 Centennial Coal Co., Ltd. (a)......................... 287,177 833,613 David Jones, Ltd. ............ 208,192 706,154 FKP Property Group............ 152,089 461,876 Fleetwood Corp., Ltd. ........ 134,339 937,805 Futuris Corp., Ltd. (a)....... 687,259 764,375 Goodman Fielder, Ltd. ........ 564,562 619,004 Healthscope, Ltd. ............ 191,132 693,519 Iluka Resources, Ltd. (b)..... 160,586 595,350 ING Real Estate Community Living Group (a)............ 1,367,641 339,821 Invocare, Ltd. (a)............ 301,123 1,152,001 IOOF Holdings, Ltd. (a)....... 134,069 589,048 JB Hi-Fi, Ltd. (a)............ 98,078 946,935 Kagara Zinc, Ltd. (a)......... 156,001 340,859 Linc Energy, Ltd. ............ 64,426 254,604 Monadelphous Group, Ltd. ..... 76,467 723,806 Mount Gibson Iron Ltd. (b).... 269,929 349,189 Oakton, Ltd. (a).............. 169,565 468,135 Pacific Brands, Ltd. (a)...... 505,134 769,008 Pan Australian Resources, Ltd. (b)......................... 1,146,258 501,814 PaperlinX, Ltd. (a)........... 335,978 463,784 Programmed Maintenance Services, Ltd. ............. 223,078 686,260 Record Realty (b)............. 213,188 3,027 Riversdale Mining, Ltd. ...... 72,828 479,680 Roc Oil Co., Ltd. (a)(b)...... 508,200 420,912 SAI Global, Ltd. (a).......... 450,604 966,788 Sigma Pharmaceuticals, Ltd. .. 858,258 809,008 Sino Gold Mining, Ltd. (a)(b)...................... 243,012 801,256 Spark Infrastructure Group.... 702,073 803,003 Spotless Group, Ltd. (a)...... 205,053 530,526 STW Communications Group, Ltd. ....................... 579,916 523,766 Transfield Services, Ltd. (a)......................... 109,438 655,205 Transpacific Industries Group, Ltd. ....................... 80,059 442,054 WHK Group, Ltd. .............. 455,818 373,931 ------------ TOTAL AUSTRALIA............... 28,021,298 ------------ AUSTRIA -- 0.8% Austrian Airlines AG (a)(b)... 68,710 440,102 BWIN Interactive Entertainment AG (a)(b)................... 11,418 298,152 BWT AG........................ 18,843 448,630 Eco Business-Immobilien AG (b)......................... 107,432 537,219 Schoeller-Bleckmann Oilfield Equipment AG (a)............ 13,277 792,605 ------------ TOTAL AUSTRIA................. 2,516,708 ------------ BELGIUM -- 1.2% AGFA-Gevaert NV (b)........... 67,142 420,627 Barco NV (a).................. 21,858 985,868 EVS Broadcast Equipment SA.... 10,790 759,628 RHJ International (b)......... 99,625 898,404 Tessenderlo Chemie NV......... 17,806 877,893 ------------ TOTAL BELGIUM................. 3,942,420 ------------ CANADA -- 10.1% AltaGas Income Trust.......... 33,971 760,449 Anvil Mining, Ltd. (b)........ 86,050 367,444 Aurelian Resources, Inc. (a)(b)...................... 58,732 359,065 Biovail Corp. ................ 42,405 402,832 Canadian Hydro Developers, Inc. (a)(b)................. 254,405 988,236 Canadian Western Bank (a)..... 58,480 1,095,675 CanWest Global Communications Corp. (a)(b)................ 138,508 298,329 Celestica, Inc. (a)(b)........ 121,480 760,964 Compton Petroleum Corp. (b)... 115,979 630,510 Corus Entertainment, Inc. (Class B) (a)............... 77,236 1,321,410 Denison Mines Corp. (a)(b).... 86,536 255,571 Dundee Corp. (b).............. 52,321 513,269 Dundee Real Estate Investment Trust....................... 57,116 1,601,955 DundeeWealth, Inc. ........... 51,605 505,275 First Calgary Petroleums, Ltd. (a)(b)...................... 147,372 468,508 FirstService Corp. (b)........ 37,016 537,902 FNX Mining Co., Inc. (b)...... 64,739 685,629 Freehold Royalty Trust (a).... 47,640 766,219 Gammon Gold, Inc. (a)(b)...... 61,325 435,481 GMP Capital Trust............. 55,727 528,337 Golden Star Resources, Ltd. (b)......................... 276,682 416,376 Great Canadian Gaming Corp. (b)......................... 69,078 412,571 Guardian Capital Group, Ltd. ....................... 149,445 986,742 Highpine Oil & Gas, Ltd. (b).. 85,630 683,784 Home Capital Group, Inc. ..... 30,854 914,128 HudBay Minerals, Inc. (b)..... 61,220 403,642 Iamgold Corp. ................ 166,617 919,904 Linamar Corp. ................ 67,296 632,957 MacDonald Dettwiler & Associates, Ltd. (b)........ 31,988 650,772 Major Drilling Group International, Inc. (b)..... 18,752 523,299 Martinrea International, Inc. (b)......................... 56,690 324,187 New Gold, Inc. (b)............ 161,746 751,529 Novagold Resources, Inc. (a).. 94,234 619,541 NuVista Energy, Ltd. (b)...... 79,465 934,267 Open Text Corp. (a)(b)........ 24,593 816,760 Peyto Energy Trust............ 61,540 885,593 ProEx Energy, Ltd. (b)........ 70,876 887,283 Progress Energy Trust......... 93,177 1,056,041 Quebecor, Inc. (Class B) (a).. 27,072 640,388 Red Back Mining, Inc. (b)..... 94,069 567,139 Russel Metals, Inc. .......... 47,284 1,022,886 Savanna Energy Services Corp. ...................... 60,280 877,099 Stantec, Inc. (a)(b).......... 38,354 919,168 The Forzani Group, Ltd. ...... 45,521 449,558 TriStar Oil & Gas, Ltd. (b)... 57,587 840,623 Uni-Select, Inc. ............. 69,808 1,453,677
See accompanying notes to financial statements. 120 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Uranium One, Inc. (b)......... 161,913 $ 350,263 Westjet Airlines, Ltd. (b).... 45,315 500,801 ------------ TOTAL CANADA.................. 33,724,038 ------------ CHINA -- 3.0% Allied Properties HK, Ltd. ... 2,248,791 289,630 Cafe de Coral Holdings, Ltd. ....................... 907,867 1,578,523 Chow Sang Sang Holding International, Ltd. ........ 572,939 326,156 Far East Consortium International, Ltd. ........ 1,844,277 358,672 First Pacific, Co., Ltd. ..... 946,000 497,103 Giordano International, Ltd. ....................... 2,984,000 1,037,666 HKR International, Ltd. ...... 1,508,779 555,759 Integrated Distribution Services Group, Ltd. ....... 275,205 372,169 K Wah International Holdings, Ltd. ....................... 1,403,565 307,310 Midland Holdings, Ltd. ....... 1,790 553 Miramar Hotel & Investment Co., Ltd. .................. 779,000 851,805 Peace Mark Holdings, Ltd. .... 524,228 101,276 Road King Infrastructure, Ltd. ....................... 655,544 377,402 Techtronic Industries Co., Ltd. ....................... 805,000 733,011 Texwinca Holdings, Ltd. ...... 1,192,050 982,583 VTech Holdings, Ltd. ......... 71,000 411,496 Xinao Gas Holdings, Ltd. ..... 548,000 734,022 Xinyi Glass Holdings Co., Ltd. ....................... 934,315 375,442 ------------ TOTAL CHINA................... 9,890,578 ------------ DENMARK -- 1.0% Bang & Olufsen A S (Class B) (a)......................... 14,344 531,979 East Asiatic Co., Ltd. ....... 20,133 830,063 GN Store Nord A/S (b)......... 113,207 483,791 IC Companys A/S............... 15,093 262,830 NeuroSearch A/S (a)(b)........ 13,576 587,838 SimCorp A S................... 4,466 515,392 ------------ TOTAL DENMARK................. 3,211,893 ------------ FINLAND -- 2.4% Amer Sports Oyj (Class A) (a)......................... 59,022 704,695 Atria Group PLC............... 34,203 569,313 Citycon Oyj................... 146,272 472,560 Cramo Oyj (Class B) (a)....... 32,535 303,907 Finnlines Oyj................. 81,676 1,345,738 HKScan Oyj.................... 52,747 415,651 Lassila & Tikanoja Oyj (a).... 46,069 893,010 Poyry Oyj..................... 48,582 927,391 TietoEnator Oyj (a)........... 39,958 582,037 Vacon Oyj..................... 23,670 897,698 Vaisala Oyj (Class A)......... 24,070 811,438 ------------ TOTAL FINLAND................. 7,923,438 ------------ FRANCE -- 3.1% Canal Plus.................... 30,357 264,374 Carbone Lorraine SA (a)....... 15,576 724,189 Club Mediterranee SA (b)...... 15,632 532,250 GL Events SA.................. 18,203 440,296 Groupe Steria SCA (a)......... 18,761 408,466 IMS International Metal Service..................... 23,221 397,932 Ingenico SA................... 26,867 666,843 IPSOS......................... 32,736 950,921 Rhodia SA..................... 37,822 573,768 Rubis......................... 19,152 1,345,093 Saft Groupe SA................ 19,343 759,677 Sequana Capital SA............ 46,279 647,458 Societe de la Tour Eiffel..... 6,685 592,890 SOITEC (a)(b)................. 55,500 292,343 Sperian Protection............ 6,307 642,287 STEF-TFE...................... 17,144 963,253 ------------ TOTAL FRANCE.................. 10,202,040 ------------ GERMANY -- 2.7% Demag Cranes AG............... 17,239 673,897 Deutsche Wohnen AG (b)........ 29,994 373,703 DIC Asset AG.................. 21,520 299,258 Epcos AG...................... 35,742 895,657 Gerresheimer AG............... 9,041 409,049 Gildemeister AG............... 35,910 597,726 Indus Holding AG.............. 38,840 913,823 Jenoptik AG (a)(b)............ 86,346 521,530 Kontron AG.................... 48,821 493,750 KUKA AG (a)................... 29,266 708,710 Leoni AG...................... 24,767 742,745 MLP AG........................ 31,067 567,297 MTU Aero Engines Holding AG... 21,082 574,193 Patrizia Immobilien AG (a)(b)...................... 106,165 319,127 Pfleiderer AG (a)............. 31,227 375,467 Solar Millennium AG (b)....... 12,398 376,335 ------------ TOTAL GERMANY................. 8,842,267 ------------ GREECE -- 1.2% Ellaktor SA................... 65,976 639,445 Fourlis Holdings SA........... 29,438 558,226 Hellenic Exchanges SA......... 47,155 543,138 Intracom Holdings SA (b)...... 245,869 486,958 Michaniki SA.................. 112,500 360,293 Minoan Lines Shipping SA...... 103,745 655,764 Thessaloniki Port Authority SA.......................... 23,083 596,593 ------------ TOTAL GREECE.................. 3,840,417 ------------ IRELAND -- 0.7% C&C Group PLC................. 149,274 398,178 Fyffes PLC.................... 807,453 362,940 Kingspan Group PLC............ 69,005 620,339 McInerney Holdings PLC........ 454,498 236,212 McInerney Holdings PLC........ 58,881 30,174 Paddy Power PLC............... 36,518 628,877 Paddy Power PLC............... 13,334 232,060 ------------ TOTAL IRELAND................. 2,508,780 ------------ ITALY -- 2.0% Amplifon SpA.................. 162,578 408,774 Astaldi SpA................... 125,371 832,964 Banca Popolare dell'Etruria e del Lazio Scrl (a).......... 123,375 956,609 Digital Multimedia Technologies SpA (a)(b)..... 16,644 355,127 Esprinet SpA (a).............. 54,878 235,878 IMMSI SpA..................... 412,228 494,497 Interpump Group SpA........... 126,905 823,548 Permasteelisa SpA............. 60,397 954,413 Recordati SpA................. 107,748 658,365 Sorin SpA (b)................. 538,929 553,750
See accompanying notes to financial statements. 121 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tiscali SpA (a)(b)............ 254,743 $ 422,591 ------------ TOTAL ITALY................... 6,696,516 ------------ JAPAN -- 30.5% Alps Electric Co., Ltd. (a)... 101,236 775,254 Asahi Pretec Corp. (a)........ 26,443 501,885 Atrium Co., Ltd. (a).......... 15 62 Bank of the Ryukyus, Ltd. .... 77,400 638,651 Best Denki Co., Ltd. (a)...... 128,769 479,101 Capcom Co., Ltd. (a).......... 45 1,265 Central Glass Co., Ltd. ...... 303,145 987,973 COMSYS Holdings Corp. (a)..... 117,050 992,276 DA Office Investment Corp. (a)......................... 179 649,131 Daifuku Co., Ltd. ............ 70,000 427,919 Daihen Corp. (a).............. 140,000 485,282 Daiichi Chuo Kisen Kaisha (a)......................... 75,834 339,294 Daimei Telecom Engineering Corp. (a)................... 76,000 602,760 Dainippon Screen Manufacturing Co., Ltd. (a)............... 143,000 453,925 DCM Japan Holdings Co., Ltd. (a)......................... 99,333 685,829 Disco Corp. (a)............... 14,000 400,885 Don Quijote Co., Ltd. (a)..... 43,800 775,623 DOUTOR NICHIRES Holdings Co., Ltd. ....................... 94,632 1,403,012 DTS Corp. (a)................. 49,782 510,645 eAccess, Ltd. (a)............. 1,148 637,988 EDION Corp. (a)............... 58,100 385,819 FCC Co., Ltd. ................ 57,548 745,877 Fukuoka REIT Corp. ........... 179 912,156 Furukawa Co., Ltd. (a)........ 406,387 558,871 Glory, Ltd. .................. 42,100 947,761 H2O Retailing Corp. (a)....... 140,000 837,376 Hanwa Co., Ltd. .............. 210,000 708,143 Heiwa Real Estate Co., Ltd. (a)......................... 182,000 634,296 Hitachi Kokusai Electric, Inc. (a)......................... 84,372 500,677 Hitachi Zosen Corp. (a)(b).... 453,000 460,830 Horiba, Ltd. (a).............. 30,113 669,398 Hosiden Corp. (a)............. 63,700 889,214 Iino Kaiun Kaisha, Ltd. (a)... 79,400 614,768 IT Holdings Corp. (b)......... 53,308 760,216 Izumiya Co., Ltd. ............ 149,000 804,192 Japan Airport Terminal Co., Ltd. (a).................... 54,700 544,089 Japan Asia Investment Co., Ltd. ....................... 128,000 245,957 Japan Aviation Electronics Industry, Ltd. (a).......... 70,000 320,445 Japan Excellent, Inc. ........ 146 636,726 Japan Logistics Fund, Inc. ... 142 835,963 Juki Corp. (a)................ 332 547 K's Holdings Corp. (a)........ 29,700 533,769 Kanematsu Corp. (b)........... 437,698 408,158 Katakura Industries Co., Ltd. (a)......................... 55,774 714,479 Kayaba Industry Co., Ltd. (a)......................... 184,832 499,664 Keisei Electric Railway Co., Ltd. (a).................... 243,230 1,319,648 Kenedix, Inc. (a)............. 312 174,860 Kitz Corp. (a)................ 76,000 347,195 Kiyo Holdings, Inc. .......... 652,000 927,349 Komori Corp. (a).............. 61,436 811,894 Kurabo Industries, Ltd. ...... 400,000 689,493 Kyowa Exeo Corp. (a).......... 76,000 677,926 Makino Milling Machine Co., Ltd. (a).................... 81,000 313,578 Marudai Food Co., Ltd. ....... 315,656 666,010 Maruha Nichiro Holdings, Inc. (a)......................... 446,485 723,359 Marusan Securities Co., Ltd. (a)......................... 93,798 556,612 Meiji Dairies Corp. (a)....... 255,451 1,345,049 Miraca Holdings, Inc. (a)..... 46,000 883,907 Mitsubishi Rayon Co., Ltd. ... 193,000 467,207 Mitsui Mining & Smelting Co., Ltd. ....................... 369,000 844,600 Mitsui-Soko Co., Ltd. (a)..... 177,000 783,592 Mitsumi Electric Co., Ltd. ... 34,800 852,258 Nabtesco Corp. (a)............ 70,000 551,217 Nakanishi, Inc. .............. 6,583 558,065 Nankai Electric Railway Co., Ltd. (a).................... 390,000 1,502,473 NET One Systems Co., Ltd. (a)......................... 533 751,065 Neturen Co., Ltd. ............ 122,303 756,870 New City Residence Investment Corp. (a)................... 278 387,548 Nihon Dempa Kogyo Co., Ltd. (a)......................... 15,200 255,421 Nihon Kohden Corp. (a)........ 37,300 683,005 Nikkiso Co., Ltd. ............ 138,000 692,827 Nippon Accommodations Fund, Inc. ....................... 150 712,099 Nippon Carbon Co., Ltd. (a)... 130,712 401,376 Nippon Konpo Unyu Soko Co., Ltd. ....................... 117,000 1,080,017 Nippon Light Metal Co., Ltd. (a)......................... 836,000 952,819 Nippon Seiki Co., Ltd. ....... 64,000 574,502 Nippon Shinyaku Co., Ltd. .... 115,000 1,083,219 Nippon Soda Co., Ltd. ........ 152,000 599,896 Nippon Suisan Kaisha, Ltd. (a)......................... 231,199 838,427 Nippon Thompson Co., Ltd. .... 121,000 500,344 Nishimatsu Construction Co., Ltd. (a).................... 370,000 825,978 Nishimatsuya Chain Co., Ltd. (a)......................... 66,093 621,927 Nitto Boseki Co., Ltd. ....... 308,153 647,277 NOF Corp. .................... 242,000 795,535 NSD Co., Ltd. ................ 52,808 423,300 Okasan Holdings, Inc. (a)..... 155,682 733,208 Oki Electric Industry Co., Ltd. (a)(b)................. 596,000 611,915 Orix JREIT, Inc. ............. 213 1,069,364 Osaka Securities Exchange Co., Ltd. ....................... 174 475,134 OSG Corp. (a)................. 85,400 711,097 Park24 Co., Ltd. (a).......... 105,813 583,060 Point, Inc. (a)............... 13,970 525,035 Premier Investment Co. ....... 267 1,116,639 Rengo Co., Ltd. .............. 79,000 527,584 Rohto Pharmaceutical Co., Ltd. ....................... 95,000 1,069,326 Ryohin Keikaku Co., Ltd. (a).. 18,703 905,509 Sakai Chemical Industry Co., Ltd. ....................... 201,565 533,507 Sanden Corp. (a).............. 273,000 902,586 Sankyu, Inc. (a).............. 166,000 581,661 Sanyo Shokai, Ltd. (a)........ 101,000 515,631 Sanyo Special Steel Co., Ltd. (a)......................... 112,937 572,318 Sato Corp. (a)................ 68,600 897,522 Seiren Co., Ltd. ............. 114,200 551,826 Shima Seiki Manufacturing, Ltd. (a).................... 38,925 742,459 Shimachu Co., Ltd. ........... 53,900 1,198,173 Shinko Electric Co., Ltd. (a)......................... 248,000 756,860 Shochiku Co., Ltd. (a)........ 228,000 1,228,427 Shoei Co., Ltd. .............. 61,700 584,658 SMK Corp. (a)................. 138,343 437,840 Star Micronics Co., Ltd. ..... 36,400 366,520 Sumitomo Osaka Cement Co., Ltd. (a).................... 526,793 833,620 Sysmex Corp. (a).............. 57 2,507
See accompanying notes to financial statements. 122 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tadano, Ltd. (a).............. 74,526 $ 449,269 Takara Holdings, Inc. (a)..... 177,000 1,220,402 Takasago International Corp. (a)......................... 201,694 957,507 Takefuji Corp. ............... 39,740 503,090 Takuma Co., Ltd. (a).......... 158,000 391,410 The Bank of Nagoya, Ltd. (a).. 142,000 765,073 The Bank of Okinawa, Ltd. .... 28,700 1,002,939 The Ehime Bank, Ltd. ......... 373,000 1,036,453 The Eighteenth Bank, Ltd. .... 366,730 936,126 The Hokuetsu Bank, Ltd. (a)... 512,000 1,041,699 The Michinoku Bank, Ltd. ..... 421,000 872,416 The Minato Bank, Ltd. ........ 438,000 606,471 The Miyazaki Bank, Ltd. (a)... 340,000 999,199 The Musashino Bank, Ltd. (a).. 22,400 635,087 The Oita Bank, Ltd. .......... 222,000 1,141,732 The Tochigi Bank, Ltd. ....... 150,000 785,570 The Tokushima Bank, Ltd. ..... 161,000 586,888 The Tokyo Tomin Bank, Ltd. (a)......................... 23,900 380,905 Toagosei Co., Ltd. (a)........ 331,818 828,256 TOC Co., Ltd. (a)............. 115,000 431,121 Toei Co., Ltd. ............... 182,000 860,585 Toho Pharmaceutical Co., Ltd. (a)......................... 43,319 606,747 Toho Zinc Co., Ltd. (a)....... 132,000 349,381 Tokai Tokyo Securities Co., Ltd. (a).................... 142,000 469,477 Tokuyama Corp................. 80,000 450,619 Tokyo Dome Corp. ............. 140,000 717,374 Tokyo Tatemono Co., Ltd. ..... 114,000 522,941 Topy Industries, Ltd. ........ 421,381 1,139,136 Toyo Corp/Chuo-ku (a)......... 78,348 758,647 Toyo Tire & Rubber Co., Ltd. (a)......................... 211,000 566,430 Toyobo Co., Ltd. (a).......... 570,788 935,498 Tsumura & Co. (a)............. 43,900 1,108,199 Ulvac, Inc. (a)............... 26,100 715,405 Unitika, Ltd. (a)............. 582,000 487,901 Yodogawa Steel Works, Ltd. ... 227,000 996,392 Zenrin Co., Ltd. (a).......... 32,477 381,470 ------------ TOTAL JAPAN................... 101,169,696 ------------ NETHERLANDS -- 2.3% Aalberts Industries NV........ 48,495 610,342 ASM International NV (a)(b)... 39,783 710,809 Crucell NV (b)................ 42,926 657,829 Draka Holdings (a)............ 15,876 320,900 Exact Holdings NV............. 27,556 700,588 Imtech NV..................... 30,546 616,137 James Hardie Industries NV.... 231,365 907,029 KAS Bank NV................... 53,740 1,123,985 OPG Groep NV.................. 87,023 1,189,365 Ordina NV..................... 53,812 401,367 Orthofix International N.V. (a)(b)...................... 16,565 308,606 ------------ TOTAL NETHERLANDS............. 7,546,957 ------------ NEW ZEALAND -- 0.7% Fisher & Paykel Appliances Holdings, Ltd. (a).......... 543,974 581,312 Fisher & Paykel Healthcare Corp., Ltd. ................ 354,286 693,319 Nuplex Industries, Ltd. ...... 240,691 948,470 ------------ TOTAL NEW ZEALAND............. 2,223,101 ------------ NORWAY -- 1.5% Awilco Offshore ASA (b)....... 204 2,916 DET Norske Oljeselskap ASA (a)(b)...................... 597,595 535,706 Ekornes ASA................... 69,818 938,811 Farstad Shipping ASA.......... 6,578 131,286 Norske Skogindustrier ASA..... 145,353 582,661 Norwegian Property ASA (a).... 231,202 391,052 Songa Offshore ASA (b)........ 70,420 655,092 Tomra Systems ASA............. 104,396 529,723 Veidekke ASA.................. 140,638 742,165 Wavefield Inseis ASA (b)...... 164,150 460,885 ------------ TOTAL NORWAY.................. 4,970,297 ------------ PORTUGAL -- 0.3% Altri SGPS SA................. 104,809 324,031 F. Ramada Investimentos SGPS (b)......................... 20,157 26,162 Semapa-Sociedade de Investimento e Gestao, SGPS, SA.......................... 81,140 786,416 ------------ TOTAL PORTUGAL................ 1,136,609 ------------ SINGAPORE -- 2.6% Bukit Sembawang Estates, Ltd. ....................... 158,080 685,526 Haw Par Corp., Ltd. .......... 513,352 1,651,688 Hong Leong Finance, Ltd. ..... 960,656 1,982,189 Mapletree Logistics Trust..... 2,229,965 1,138,613 Parkway Holdings, Ltd. ....... 663,309 872,225 Suntec REIT Trust............. 1,362,000 1,105,071 Verigy, Ltd. (b).............. 35,529 578,412 WBL Corp., Ltd. .............. 45,000 97,573 Wing Tai Holdings, Ltd. ...... 708,000 465,496 ------------ TOTAL SINGAPORE............... 8,576,793 ------------ SOUTH KOREA -- 5.1% Asiana Airlines............... 117,731 427,244 Cheil Communications, Inc. ... 4,130 769,916 Daewoo Motor Sales............ 20,720 366,521 Daum Communications Corp. (b)......................... 9,113 303,905 Dong-A Pharmaceutical Co., Ltd. ....................... 6,568 544,182 Eugene Investment & Securities Co., Ltd. .................. 308,100 403,329 Hana Tour Service, Inc. ...... 13,120 273,933 Hanmi Pharm Co., Ltd. ........ 5,587 541,596 Hansol Paper Co. (b).......... 40,010 520,450 Hanwha Chemical Corp. ........ 52,290 467,900 Hanwha Securities Co. ........ 49,060 325,183 Hite Brewery Co., Ltd. (b).... 3,423 623,936 Hotel Shilla Co., Ltd. ....... 37,140 483,117 Humax Co., Ltd. .............. 34,727 323,691 Hyundai Department Store Co., Ltd. ....................... 10,520 801,889 Hyundai Marine & Fire Insurance Co., Ltd. ........ 44,500 689,465 Jeonbuk Bank.................. 118,119 606,767 Korean Reinsurance Co. ....... 62,345 477,809 LG International Corp. ....... 34,950 712,349 LG Life Sciences, Ltd. (b).... 12,526 526,176 LIG Insurance Co., Ltd. ...... 30,090 605,814 LS Industrial Systems Co., Ltd. ....................... 11,448 465,717 MegaStudy Co., Ltd. .......... 2,894 426,085 Meritz Fire & Marine Insurance Co., Ltd. .................. 83,650 568,317 Meritz Securities Co., Ltd. .. 394,760 385,945 NCSoft Corp. ................. 9,712 342,791 Orion Corp. (a)............... 3,327 532,011 Poongsan Corp. (b)............ 62,961 521,654
See accompanying notes to financial statements. 123 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Poongsan Corp. ............... 8 $ 104 Samsung Fine Chemicals Co., Ltd. ....................... 14,736 643,430 SFA Engineering Corp. ........ 11,239 489,806 SK Chemicals Co., Ltd. ....... 15,802 424,197 Ssangyong Motor Co. (a)(b).... 159,620 333,272 Yuhan Corp. .................. 4,807 856,295 ------------ TOTAL SOUTH KOREA............. 16,784,796 ------------ SPAIN -- 2.1% Amper, SA..................... 68,116 501,359 Campofrio Alimentacion SA..... 101,663 1,120,987 Construcciones y Auxiliar de Ferrocarriles SA............ 2,920 1,025,805 Ercros SA (a)(b).............. 1,211,995 357,510 Faes Farma SA................. 89,008 668,884 General de Alquiler de Maquinaria (a)(b)........... 32,110 324,293 Parquesol Inmobiliaria y Proyectos SA................ 36,354 714,905 Tubacex SA.................... 135,290 843,756 Tubos Reunidos SA............. 161,641 599,410 Vidrala SA.................... 35,940 856,194 ------------ TOTAL SPAIN................... 7,013,103 ------------ SWEDEN -- 2.2% Boliden AB Mines.............. 141,160 574,945 Castellum AB.................. 104,516 891,858 D Carnegie & Co. AB (a)....... 52,041 373,174 Elekta AB (Class B) (a)....... 59,488 996,052 Haldex AB..................... 74,802 742,898 Hemtex AB (a)................. 43,290 235,921 Intrum Justitia AB (a)........ 59,268 620,496 Kungsleden AB (a)............. 90,711 567,208 New Wave Group AB (Class B) (a)......................... 137,300 362,313 Q-Med AB (a).................. 81,335 348,774 TradeDoubler AB............... 33,340 282,107 Trelleborg AB (Class B)....... 57,027 776,963 Wihlborgs Fastigheter AB...... 52,737 712,841 ------------ TOTAL SWEDEN.................. 7,485,550 ------------ SWITZERLAND -- 2.3% Basilea Pharmaceutica AG (b).. 5,101 750,649 Belimo Holding AG............. 1,355 1,196,388 Ciba Holding AG............... 23,598 999,692 Daetwyler Holding AG (b)...... 17,407 967,961 Georg Fischer AG.............. 1,702 604,144 Kudelski SA (a)............... 35,763 436,651 Kuoni Reisen Holding (Class B).......................... 2,545 976,009 Mobimo Holding AG (b)......... 2,361 368,495 Temenos Group AG (a)(b)....... 33,245 619,684 Valora Holding AG (a)......... 4,677 880,131 ------------ TOTAL SWITZERLAND............. 7,799,804 ------------ UNITED KINGDOM -- 11.6% Bellway PLC................... 50,603 487,065 Berkeley Group Holdings PLC (b)......................... 37,263 501,466 Bodycote International........ 197,277 553,827 Bovis Homes Group PLC......... 98,895 664,558 Britvic PLC................... 125,428 453,286 Chemring Group PLC............ 23,276 851,754 Chloride Group................ 273,281 940,121 Connaught PLC................. 182,702 1,221,214 Croda International PLC....... 64,657 695,520 Dairy Crest Group PLC......... 94,923 676,782 Dimension Data Holdings PLC... 790,048 577,370 DS Smith PLC.................. 178,705 342,422 DSG International PLC......... 759,682 646,580 Elementis PLC................. 487,240 573,197 Fenner PLC.................... 193,229 606,181 Galliford Try PLC............. 338,723 271,690 Game Group PLC................ 223,526 816,768 Helphire PLC (a).............. 162,174 398,912 Henderson Group PLC........... 277,379 538,911 Hiscox, Ltd. ................. 126,721 552,261 HMV Group PLC (a)............. 428,470 968,022 International Personal Finance..................... 156,845 693,329 Interserve PLC................ 100,237 537,789 ITE Group PLC................. 278,364 600,365 Jardine Lloyd Thompson Group PLC......................... 67,887 534,843 Keller Group PLC.............. 53,880 637,214 Kier Group PLC................ 31,656 438,988 Laird Group PLC............... 110,489 485,952 Melrose PLC................... 309,364 791,296 Michael Page International PLC......................... 144,683 595,726 Mitchells & Butlers PLC....... 122,788 479,858 Mitie Group................... 260,847 960,114 Mondi PLC..................... 183,483 843,786 Morgan Crucible Co. .......... 160,889 449,522 Morgan Sindall PLC............ 36,054 285,013 N Brown Group PLC............. 137,019 539,747 Northern Foods PLC............ 512,948 585,154 PayPoint PLC.................. 57,320 539,457 Persimmon PLC................. 113,845 808,140 Premier Farnell PLC........... 207,319 602,343 Premier Foods PLC............. 362,647 483,184 Rank Group PLC (b)............ 447,648 564,521 Raymarine PLC................. 153,434 298,102 Redrow PLC.................... 164,885 474,647 Restaurant Group PLC.......... 182,470 404,115 RPS Group PLC................. 166,064 721,501 Senior PLC.................... 360,041 545,491 Shaftesbury PLC (a)........... 115,731 871,552 Shanks Group PLC.............. 184,709 625,545 SIG Plc....................... 71,510 491,051 Spectris PLC.................. 60,914 721,488 SSL International PLC......... 107,847 861,679 St James's Place PLC.......... 101,367 388,465 Taylor Wimpey PLC............. 532,798 334,764 Travis Perkins PLC............ 50,322 474,045 Tullett Prebon PLC............ 138,421 676,036 UK Coal PLC (b)............... 91,760 558,549 Ultra Electronics Holdings PLC......................... 23,578 529,535 Unite Group PLC............... 135,986 550,221 UTV Media PLC................. 147,902 331,512 Victrex PLC................... 83,981 1,070,297 Wetherspoon (J.D.) PLC........ 86,388 360,318 WH Smith PLC.................. 91,685 616,108 Wincanton PLC................. 128,224 425,679 Yell Group PLC................ 330,818 451,095 ------------ TOTAL UNITED KINGDOM.......... 38,576,043 ------------ TOTAL COMMON STOCKS --
See accompanying notes to financial statements. 124 SPDR S&P INTERNATIONAL SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- (Cost $448,345,648)......... $324,603,142 ------------ PREFERRED STOCK -- 0.1% GERMANY -- 0.1% Draegerwerk AG & Co. KGaA (Cost $636,134)............. 8,664 461,847 ------------ WARRANTS -- 0.0% (D) AUSTRALIA -- 0.0% (D) Beach Petroleum, Ltd. (expiring 6/30/2010) (b) (Cost $0)................... 72,739 4,016 Buru Energy, Ltd. (expiring 10/10/2010) (b)(c) (Cost $0)................... 87,378 -- ------------ TOTAL AUSTRALIA............... 4,016 ------------ SWITZERLAND -- 0.0% (D) Precious Woods Holding AG (b) (expiring 10/31/08) (Cost $0)................... 900 32 ------------ TOTAL WARRANTS -- (Cost $0)................... 4,048 ------------ SHORT TERM INVESTMENTS -- 15.0% UNITED STATES -- 15.0% MONEY MARKET FUNDS -- 15.0% State Street Navigator Securities Lending Prime Portfolio (e)(f)............ 48,309,606 48,309,606 STIC Prime Portfolio.......... 1,417,167 1,417,167 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $49,726,773).......... 49,726,773 ------------ TOTAL INVESTMENTS -- 112.9% (Cost $498,708,555)......... 374,795,810 OTHER ASSETS AND LIABILITIES -- (12.9)%...... (42,906,004) ------------ NET ASSETS -- 100.0%.......... $331,889,806 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Amount shown represents less than 0.05% of net assets. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 125 SPDR S&P INTERNATIONAL DIVIDEND ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.2% AUSTRALIA -- 9.6% Aristocrat Leisure, Ltd. ...... 65,551 $ 334,027 Australia & New Zealand Banking Group, Ltd. ................. 4,952 73,240 Boral, Ltd. (a)................ 84,941 410,049 Commonwealth Bank of Australia (a).......................... 741 24,911 Lend Lease Corp., Ltd. ........ 80,123 580,188 Macquarie Group, Ltd. ......... 2,071 60,443 National Australia Bank, Ltd. ........................ 28,042 536,620 Perpetual, Ltd. (a)............ 17,494 645,806 St. George Bank, Ltd. ......... 1,216 27,433 Suncorp-Metway, Ltd. .......... 57,070 418,657 TABCORP Holdings, Ltd. ........ 110,637 705,143 Wesfarmers, Ltd. (a)........... 12,961 291,169 Westpac Banking Corp. ......... 3,107 52,643 ----------- TOTAL AUSTRALIA................ 4,160,329 ----------- AUSTRIA -- 0.0% (B) Immofinanz Immobilien Anlagen AG........................... 3,022 10,357 ----------- BELGIUM -- 6.3% Belgacom SA.................... 19,373 720,718 Cofinimmo REIT................. 3,581 618,696 Compagnie Maritime Belge SA (a).......................... 19,409 772,084 Dexia SA (a)................... 52,441 552,459 KBC Ancora..................... 1,086 69,637 ----------- TOTAL BELGIUM.................. 2,733,594 ----------- CANADA -- 15.2% ARC Energy Trust............... 22,425 487,225 Bank of Montreal............... 2,481 107,225 Biovail Corp. (a).............. 119,225 1,132,593 Canadian Imperial Bank of Commerce (a)................. 617 35,446 Enerplus Resources Fund........ 26,959 985,353 Manitoba Telecom Services, Inc. (a).......................... 21,012 775,697 NAL Oil & Gas Trust............ 72,837 858,397 National Bank of Canada........ 660 30,201 Peyto Energy Trust............. 51,248 737,485 Precision Drilling Trust....... 15,348 252,624 Russel Metals, Inc. ........... 28,279 611,754 Vermilion Energy Trust......... 17,879 572,760 ----------- TOTAL CANADA................... 6,586,760 ----------- CZECH REPUBLIC -- 1.6% Telefonica O2 Czech Republic AS........................... 29,174 679,700 ----------- DENMARK -- 1.0% D/S Norden A/S................. 8,569 400,881 Danske Bank A/S................ 1,084 25,458 ----------- TOTAL DENMARK.................. 426,339 ----------- FINLAND -- 2.2% Kesko Oyj (Class B)............ 14,125 355,545 Outokumpu Oyj.................. 12,898 200,376 Pohjola Bank PLC............... 1,866 26,578 SanomaWSOY Oyj (a)............. 19,060 355,808 ----------- TOTAL FINLAND.................. 938,307 ----------- FRANCE -- 10.7% AXA (a)........................ 1,126 36,212 Credit Agricole SA............. 11,726 220,793 Euler Hermes SA (a)............ 9,706 673,906 Fonciere des Regions (a)....... 562 57,864 Gecina SA REIT................. 524 55,939 M6-Metropole Television........ 39,948 866,384 Natixis (a).................... 3,648 11,734 PagesJaunes Groupe (a)......... 80,727 1,104,450 Renault SA..................... 10,360 648,372 Societe Television Francaise 1 (a).......................... 55,395 965,629 ----------- TOTAL FRANCE................... 4,641,283 ----------- GERMANY -- 3.3% Deutsche Bank AG............... 8,156 567,489 Deutsche Lufthansa AG.......... 45,570 883,337 ----------- TOTAL GERMANY.................. 1,450,826 ----------- GREECE -- 0.6% Diana Shipping, Inc. .......... 13,391 263,669 ----------- IRELAND -- 2.8% Allied Irish Banks PLC......... 32,242 262,675 Allied Irish Banks PLC......... 26,020 215,639 Bank of Ireland................ 27,364 151,825 Irish Life & Permanent PLC..... 60,854 414,571 The Governor & Co. of the Bank of Ireland................... 30,981 171,894 ----------- TOTAL IRELAND.................. 1,216,604 ----------- ISRAEL -- 1.4% Delek Group, Ltd. ............. 6,761 571,297 Mizrahi Tefahot Bank, Ltd. .... 3,170 20,213 ----------- TOTAL ISRAEL................... 591,510 ----------- ITALY -- 11.9% Alleanza Assicurazioni SpA..... 8,684 78,738 Arnoldo Mondadori Editore SpA.. 160,517 802,674 Banca Popolare di Milano Scarl........................ 65,483 545,446 Credito Emiliano SpA........... 3,593 30,155 Enel SpA....................... 100,753 833,569 Eni SpA........................ 11,176 291,990 Intesa Sanpaolo................ 114,062 536,728 Mediaset SpA................... 159,368 1,001,197 Milano Assicurazioni SpA....... 142,244 620,888 UniCredit SpA.................. 104,592 381,612 Unione di Banche Italiane ScpA......................... 1,345 29,132 ----------- TOTAL ITALY.................... 5,152,129 ----------- JAPAN -- 0.9% Pacific Metals Co., Ltd. ...... 55,000 388,546 ----------- NETHERLANDS -- 3.2% Aegon NV....................... 54,097 471,124 Eurocommercial Properties NV... 693 29,690 ING Groep NV................... 3,194 66,983 Koninklijke BAM Groep NV....... 59,033 749,603 SNS Reaal...................... 4,239 47,396 ----------- TOTAL NETHERLANDS.............. 1,364,796 ----------- NORWAY -- 0.0% (B) DnB NOR ASA.................... 2,441 18,331 ----------- PORTUGAL -- 1.9% Portugal Telecom, SGPS SA...... 82,902 827,365 -----------
See accompanying notes to financial statements. 126 SPDR S&P INTERNATIONAL DIVIDEND ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SINGAPORE -- 3.7% Frontline, Ltd. (a)............ 17,830 $ 826,315 Singapore Airlines, Ltd. ...... 77,000 765,853 ----------- TOTAL SINGAPORE................ 1,592,168 ----------- SOUTH AFRICA -- 2.8% ABSA Group, Ltd. .............. 14,806 193,107 Anglo Platinum, Ltd. .......... 4,708 423,004 Massmart Holdings, Ltd. ....... 20,188 182,848 Nedbank Group, Ltd. ........... 33,850 423,092 ----------- TOTAL SOUTH AFRICA............. 1,222,051 ----------- SPAIN -- 2.7% Gestevision Telecinco SA (a)... 115,853 1,168,422 ----------- SWEDEN -- 4.7% Axfood AB (a).................. 11,891 318,901 Boliden AB Mines............... 125,739 512,135 NCC AB (B Shares).............. 86,891 841,152 Swedbank AB (Class A) (a)...... 6,480 81,549 Volvo AB (Class B)............. 33,664 296,918 ----------- TOTAL SWEDEN................... 2,050,655 ----------- TAIWAN -- 0.5% Siliconware Precision Industries Co. ADR........... 38,153 220,143 ----------- THAILAND -- 1.6% Siam Cement PCL................ 82,795 327,852 Siam Cement PCL................ 100,800 381,277 ----------- TOTAL THAILAND................. 709,129 ----------- TURKEY -- 1.3% Tupras-Turkiye Petrol Rafinerileri AS.............. 30,404 564,543 ----------- UNITED KINGDOM -- 9.3% Barclays PLC ADR............... 18,767 463,545 HSBC Holdings PLC.............. 2,115 33,967 IMI PLC........................ 48,281 321,213 Lloyds TSB Group PLC ADR....... 18,687 312,633 Marks & Spencer Group PLC...... 82,816 297,445 Next PLC....................... 22,228 403,730 Tate & Lyle PLC................ 50,174 340,738 United Utilities Group PLC..... 22,841 282,955 William Hill PLC............... 75,997 316,301 Wolseley PLC................... 169,630 1,260,072 ----------- TOTAL UNITED KINGDOM........... 4,032,599 ----------- TOTAL COMMON STOCKS -- (Cost $52,992,945)........... 43,010,155 ----------- SHORT TERM INVESTMENTS -- 12.6% UNITED STATES -- 12.6% MONEY MARKET FUNDS -- 12.6% State Street Navigator Securities Lending Prime Portfolio (c)(d)............. 4,529,771 4,529,771 STIC Prime Portfolio........... 954,124 954,124 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $5,483,895)............ 5,483,895 ----------- TOTAL INVESTMENTS -- 111.8% (Cost $58,476,840)........... 48,494,050 OTHER ASSET AND LIABILITIES -- (11.8)%....... (5,125,291) ----------- NET ASSETS -- 100.0%........... $43,368,759 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Amount shown represents less than 0.05% of net assets. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt See accompanying notes to financial statements. 127 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 93.6% AUSTRALIA -- 6.5% Amcor, Ltd. .................... 2,024 $ 8,621 Aquila Resources, Ltd. (a)...... 355 2,576 Aristocrat Leisure, Ltd. ....... 1,665 8,484 Arrow Energy, Ltd. (a).......... 1,938 4,433 Asciano Group................... 1,760 4,387 Bendigo and Adelaide Bank, Ltd. ......................... 780 7,137 Boral, Ltd. .................... 5,839 28,188 Caltex Australia, Ltd. ......... 667 6,498 CFS Retail Property Trust (b)... 24,141 42,845 Cochlear, Ltd. ................. 423 19,786 Computershare, Ltd. ............ 917 6,727 CSR, Ltd. ...................... 9,149 17,898 Dexus Property Group............ 28,852 32,545 Felix Resources, Ltd. .......... 274 3,670 GPT Group....................... 4,242 5,856 Harvey Norman Holdings, Ltd. ... 6,536 15,931 Macquarie Airports.............. 2,670 5,686 Metcash, Ltd. .................. 9,298 29,117 Mirvac Group.................... 9,617 18,510 OZ Minerals, Ltd. .............. 305 386 Paladin Energy, Ltd. (a)(b)..... 3,124 9,610 Queensland Gas Co., Ltd. (a).... 1,405 4,488 Sonic Healthcare, Ltd. ......... 2,791 28,840 TABCORP Holdings, Ltd. ......... 1,314 8,375 Tatts Group, Ltd. .............. 3,914 7,348 Toll Holdings, Ltd. ............ 2,351 12,870 ---------- TOTAL AUSTRALIA................. 340,812 ---------- AUSTRIA -- 0.6% Andritz AG...................... 600 25,284 Wienerberger AG................. 236 6,292 ---------- TOTAL AUSTRIA................... 31,576 ---------- BELGIUM -- 0.5% Ackermans & Van Haaren NV....... 292 26,053 ---------- CANADA -- 8.0% Alimentation Couche Tard, Inc. ......................... 1,440 18,894 Canadian Tire Corp., Ltd. ...... 172 7,927 Eldorado Gold Corp. (a)......... 716 4,472 Equinox Minerals, Ltd. (a)...... 2,977 7,056 Fairfax Financial Holdings, Ltd. ......................... 96 30,803 Finning International, Inc. .... 1,536 30,165 First Quantum Minerals, Ltd. ... 149 5,606 Fortis, Inc. ................... 1,440 32,560 Franco-Nevada Corp. ............ 320 6,035 Gildan Activewear, Inc. (a)(b).. 864 19,219 Inmet Mining Corp. ............. 288 13,425 Ivanhoe Mines, Ltd. (a)......... 862 5,229 Methanex Corp. ................. 864 16,944 Metro, Inc. .................... 1,248 36,247 Niko Resources, Ltd. ........... 288 16,476 Nortel Networks, Corp. (a)...... 1,451 3,193 Oilexco, Inc. (a)............... 1,152 11,323 Onex Corp. ..................... 1,056 27,284 OPTI Canada, Inc. (a)........... 1,632 18,034 Pan American Silver Corp. (a)... 576 12,547 Petrobank Energy & Resources, Ltd. (a)...................... 384 14,573 Sherritt International Corp. ... 1,921 10,281 Silver Wheaton Corp. (a)........ 738 5,990 Sino-Forest Corp. (a)........... 864 10,898 Thompson Creek Metals Co., Inc. (a)........................... 401 3,719 TMX Group, Inc. (b)............. 576 15,711 Trican Well Service, Ltd. ...... 1,056 15,892 UTS Energy Corp. (a)............ 2,593 3,097 Viterra, Inc. (a)............... 1,152 11,019 ---------- TOTAL CANADA.................... 414,619 ---------- CHINA -- 3.1% Chinese Estates Holdings, Ltd. ......................... 10,000 12,210 Hengan International Group Co., Ltd. ......................... 6,000 16,923 Hopewell Holdings............... 9,000 32,224 NWS Holdings, Ltd. ............. 6,000 10,664 Pacific Basin Shipping, Ltd. ... 14,000 11,360 PCCW, Ltd. ..................... 47,000 19,371 Television Broadcasts, Ltd. .... 6,000 25,269 The Link REIT................... 15,310 31,589 ---------- TOTAL CHINA..................... 159,610 ---------- CYPRUS -- 0.2% ProSafe SE (a).................. 2,161 11,550 ---------- DENMARK -- 1.9% D/S Norden A/S.................. 156 7,298 DSV A/S......................... 1,632 25,424 Genmab A/S (a).................. 114 6,439 Jyske Bank A/S (a).............. 557 27,421 Rockwool International A/S...... 56 4,691 Sydbank A/S..................... 912 26,827 ---------- TOTAL DENMARK................... 98,100 ---------- FINLAND -- 1.4% Elisa Oyj....................... 1,056 20,381 Kesko Oyj (Class B)............. 250 6,293 Orion Oyj (Class B)............. 1,170 19,639 Outokumpu Oyj................... 290 4,505 Outotec Oyj..................... 409 10,789 YIT Oyj......................... 1,076 11,033 ---------- TOTAL FINLAND................... 72,640 ---------- FRANCE -- 3.9% Atos Origin SA.................. 509 22,092 Bourbon SA...................... 571 28,024 Groupe Eurotunnel SA (a)........ 651 7,626 Neopost SA...................... 362 33,738 Nexans SA....................... 216 18,805 SCOR SE......................... 1,162 22,198 UbiSoft Entertainment SA (a).... 206 14,121 Valeo SA (b).................... 772 23,043 Zodiac SA (b)................... 731 34,398 ---------- TOTAL FRANCE.................... 204,045 ---------- GERMANY -- 2.9% Bilfinger Berger AG............. 347 17,869 IVG Immobilien AG............... 757 7,220 Kloeckner & Co. AG.............. 470 10,609 Lanxess AG...................... 704 19,145 Nordex AG (a)................... 366 9,855 Premiere AG (a)................. 240 3,186 Rhoen-Klinikum AG............... 865 25,030 SGL Carbon AG (a)............... 418 16,017 Stada Arzneimittel AG........... 411 16,326
See accompanying notes to financial statements. 128 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Symrise AG...................... 826 $ 13,923 United Internet AG.............. 1,076 11,456 ---------- TOTAL GERMANY................... 150,636 ---------- GREECE -- 0.9% Alapis Holding Industrial and Commercial SA................. 2,509 5,251 Intralot SA..................... 1,665 13,939 Titan Cement Co. SA............. 895 29,166 ---------- TOTAL GREECE.................... 48,356 ---------- IRELAND -- 0.8% Dragon Oil PLC(a)............... 967 2,988 Irish Life & Permanent PLC...... 1,505 10,253 Kerry Group PLC (Class A)....... 1,061 30,999 ---------- TOTAL IRELAND................... 44,240 ---------- ITALY -- 2.3% Banca Popolare di Milano Scarl.. 1,846 15,377 Davide Campari-Milano SpA....... 4,654 37,295 Milano Assicurazio.............. 2,378 10,555 Parmalat SpA.................... 5,734 13,370 Saras SpA....................... 1,682 6,928 Societa Cattolica di Assicurazioni Scrl............ 856 39,053 ---------- TOTAL ITALY..................... 122,578 ---------- JAPAN -- 24.5% Acom Co., Ltd. ................. 190 6,425 Advantest Corp. ................ 200 4,107 Alfresa Holdings Corp. (b)...... 300 14,327 Amada Co., Ltd. ................ 4,000 21,363 Benesse Corp. .................. 700 28,286 Casio Computer Co., Ltd. ....... 1,800 16,650 Cosmo Oil Co., Ltd. ............ 9,000 21,024 Credit Saison Co., Ltd. ........ 1,200 19,114 Daido Steel Co., Ltd. .......... 3,000 15,485 Elpida Memory, Inc. (a)......... 200 3,615 Fuji Heavy Industries, Ltd. .... 8,000 39,260 Fukuoka Financial Group, Inc. .. 6,000 21,419 Hirose Electric Co., Ltd. ...... 300 28,088 Hokuhoku Financial Group, Inc. ......................... 9,000 19,328 Ibiden Co., Ltd. ............... 300 7,036 Idemitsu Kosan Co., Ltd. ....... 300 23,934 Isetan Mitsukoshi Holdings, Ltd. (a)(b)........................ 2,200 25,323 J Front Retailing Co., Ltd. .... 5,000 28,211 Japan Real Estate Investment Corp. ........................ 4 31,498 Kajima Corp. (b)................ 8,000 23,586 Keihin Electric Express Railway Co., Ltd. (b)................. 6,000 38,996 Konami Corp. ................... 800 19,630 Kuraray Co., Ltd. (b)........... 3,500 33,989 Kurita Water Industries, Ltd. .. 400 9,061 Marui Group Co., Ltd. (b)....... 3,500 25,715 Mediceo Paltac Holdings Co., Ltd. ......................... 1,500 18,127 Minebea Co., Ltd. .............. 4,000 14,694 Mitsubishi Gas Chemical Co., Inc. (b)...................... 4,000 18,914 Mitsui Chemicals, Inc. ......... 2,000 8,628 Mitsui Engineering & Shipbuilding Co., Ltd. ....... 7,000 12,791 Namco Bandai Holdings, Inc. (b)........................... 1,800 19,413 NGK Spark Plug Co., Ltd. (b).... 2,000 19,140 Nippon Sheet Glass Co., Ltd. (b)........................... 6,000 30,236 Nisshin Steel Co., Ltd. (b)..... 7,000 13,187 Nitto Denko Corp. .............. 400 9,928 NTN Corp. ...................... 5,000 25,526 Obayashi Corp. (b).............. 6,000 29,558 Promise Co., Ltd. (b)........... 600 11,388 Sanyo Electric Co., Ltd. (a).... 12,000 20,233 SBI Holdings, Inc. ............. 63 9,026 Shimano, Inc. .................. 700 23,803 Shimizu Corp. .................. 5,000 23,219 Showa Denko K.K................. 10,000 20,440 Showa Shell Sekiyu K.K.......... 3,600 34,384 Sojitz Corp. ................... 2,900 6,501 Stanley Electric Co., Ltd. ..... 1,400 20,071 Suzuken Co., Ltd. .............. 100 3,024 Taisei Corp. (b)................ 10,000 25,620 Takashimaya Co., Ltd. .......... 3,000 25,658 The Bank of Kyoto, Ltd. (b)..... 3,000 29,671 The Furukawa Electric Co., Ltd. ......................... 7,000 29,935 The Gunma Bank, Ltd. (b)........ 5,000 27,881 The Hachijuni Bank, Ltd. (b).... 6,000 31,140 The Joyo Bank, Ltd. (b)......... 6,000 26,619 THK Co., Ltd. (b)............... 1,300 19,751 Tobu Railway Co., Ltd. (b)...... 10,000 48,133 Trend Micro, Inc. .............. 500 18,603 Ube Industries, Ltd. ........... 8,000 21,024 Yamaha Corp. ................... 1,500 25,248 Yaskawa Electric Corp. ......... 2,000 10,983 Yokogawa Electric Corp. (b)..... 2,700 16,760 ---------- TOTAL JAPAN..................... 1,274,727 ---------- LUXEMBOURG -- 0.4% Acergy SA....................... 560 5,446 Oriflame Cosmetics SA SDR....... 336 15,300 ---------- TOTAL LUXEMBOURG................ 20,746 ---------- NETHERLANDS -- 3.3% Boskalis Westminster NV......... 426 19,842 Chicago Bridge & Iron Co. NV.... 576 11,082 Core Laboratories NV............ 192 19,453 Gemalto NV (a).................. 761 26,927 Koninklijke BAM Groep NV........ 987 12,533 Qiagen NV (a)................... 1,185 23,153 Randstad Holding NV............. 330 8,555 SBM Offshore NV................. 613 12,933 TomTom NV (a)................... 190 3,416 Wereldhave NV................... 341 32,897 ---------- TOTAL NETHERLANDS............... 170,791 ---------- NORWAY -- 0.6% Marine Harvest (a).............. 8,159 3,961 Petroleum Geo-Services ASA (a)(b)........................ 988 12,717 Storebrand ASA.................. 3,073 17,724 ---------- TOTAL NORWAY.................... 34,402 ---------- PORTUGAL -- 0.5% Zon Multimedia Servicos de Telecomunicacoes e Multimedia SGPS SA (b)........ 3,296 24,028 ---------- SINGAPORE -- 3.0% CapitaMall Trust................ 14,000 22,033 Fraser and Neave, Ltd. ......... 13,000 32,279 Frontline, Ltd. (b)............. 384 17,796
See accompanying notes to financial statements. 129 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Singapore Press Holdings, Ltd. (b)........................... 20,000 $ 55,676 Venture Corp., Ltd. ............ 5,000 26,929 ---------- TOTAL SINGAPORE................. 154,713 ---------- SOUTH KOREA -- 4.6% Cheil Industries, Inc. ......... 520 22,274 CJ CheilJedang Corp. (a)........ 58 9,251 Daewoo Engineering & Construction Co., Ltd. ....... 500 5,593 Doosan Corp. (a)................ 96 9,306 GS Holdings Corp. .............. 230 5,746 Hanjin Heavy Industries & Construction Co., Ltd. ....... 100 2,863 Hanjin Shipping Co., Ltd. ...... 500 11,206 Hanwha Corp. ................... 310 11,430 Hyundai Development Co. ........ 200 7,208 Hyundai Mipo Dockyard Co., Ltd. ......................... 36 5,041 Hyundai Securities Co., Ltd. ... 1,000 9,611 KCC Corp. ...................... 38 11,586 Kia Motors Corp. (a)............ 430 5,219 Korea Express Co., Ltd. (a)..... 110 8,795 Korea Investment Holdings Co., Ltd. ......................... 327 8,534 Korea Line Corp. ............... 20 2,494 Korea Zinc Co., Ltd. ........... 39 3,060 Mirae Asset Securities Co., Ltd. ......................... 144 12,050 Samsung Electro-Mechanics Co., Ltd. ......................... 539 16,657 Samsung Engineering Co., Ltd. .. 202 12,201 Samsung SDI Co., Ltd. (a)....... 289 20,640 Samsung Securities Co., Ltd. ... 159 9,551 Samsung Techwin Co., Ltd. ...... 346 7,425 STX Corp Co., Ltd. ............. 80 2,399 STX Shipbuilding Co., Ltd. ..... 260 4,836 Woori Investment & Securities Co., Ltd. .................... 900 13,497 ---------- TOTAL SOUTH KOREA............... 238,473 ---------- SPAIN -- 2.6% Bolsas y Mercados Espanoles (b)........................... 518 13,119 Ebro Puleva SA.................. 2,419 37,852 Indra Sistemas, SA.............. 1,789 42,167 SOS Cuetara SA.................. 2,413 40,673 ---------- TOTAL SPAIN..................... 133,811 ---------- SWEDEN -- 1.7% Electrolux AB (Class B) (a)..... 922 10,545 Getinge AB (Class B)............ 1,536 31,060 Husqvarna AB (Class B).......... 851 6,255 Kinnevik Investment AB (Class B)............................ 575 6,638 Lundin Petroleum AB (a)......... 1,655 13,411 Meda AB (Class A)............... 563 5,370 Modern Times Group AB (Class B)............................ 383 13,485 ---------- TOTAL SWEDEN.................... 86,764 ---------- SWITZERLAND -- 4.3% Aryzta AG (a)................... 284 11,525 Baloise Holding AG.............. 197 13,212 Banque Cantonale Vaudoise....... 15 4,452 Basellandschaftliche Kantonalbank.................. 31 27,067 Clariant AG (a)................. 1,013 9,685 EFG International AG............ 261 7,449 Nobel Biocare Holding AG........ 503 16,625 OC Oerlikon Corp AG (a)......... 20 3,906 Panalpina Welttransport Holding AG............................ 67 4,422 Petroplus Holdings AG (a)....... 357 13,468 PSP Swiss Property AG (a)....... 884 51,128 Sika AG......................... 21 23,561 Sonova Holding AG............... 160 10,274 Straumann Holding AG............ 23 6,318 Sulzer AG....................... 202 21,259 ---------- TOTAL SWITZERLAND............... 224,351 ---------- UNITED KINGDOM -- 15.0% Admiral Group PLC............... 1,339 24,225 Aggreko PLC..................... 2,234 21,642 Alliance & Leicester PLC........ 1,828 8,724 Autonomy Corp. PLC (a).......... 1,138 20,751 Babcock International Group PLC........................... 2,119 18,847 Balfour Beatty PLC.............. 3,436 18,373 Bunzl PLC....................... 1,374 16,090 Charter PLC..................... 1,111 12,248 Cobham PLC...................... 9,205 31,158 Cookson Group PLC............... 1,763 14,644 Dana Petroleum PLC (a).......... 259 5,461 De La Rue PLC................... 1,398 22,477 Drax Group PLC.................. 2,718 36,432 easyJet PLC (a)................. 652 3,661 Enodis PLC...................... 850 4,765 FirstGroup PLC.................. 1,332 12,643 Friends Provident PLC........... 6,782 11,375 GKN PLC......................... 1,783 6,221 Hays PLC........................ 11,468 16,353 Home Retail Group PLC........... 2,584 10,686 Imperial Energy Corp. PLC (a)... 366 6,635 Inchcape PLC.................... 4,019 13,432 Informa PLC..................... 3,667 20,573 Inmarsat PLC.................... 3,426 29,541 Intercontinental Hotels Group PLC........................... 638 7,824 Intermediate Capital Group PLC.. 914 19,566 Intertek Group PLC.............. 1,424 21,156 Invensys PLC (a)................ 2,717 9,940 Investec PLC.................... 3,559 19,174 ITV PLC......................... 11,127 8,330 Logica PLC...................... 11,012 21,199 London Stock Exchange Group PLC........................... 717 11,029 Next PLC........................ 490 8,900 Pennon Group PLC................ 2,942 30,651 Petrofac, Ltd. ................. 531 5,518 Randgold Resources, Ltd. ....... 233 9,328 Rentokil Initial PLC............ 5,216 6,415 Rexam PLC....................... 2,074 14,528 Serco Group PLC................. 3,833 24,698 Signet Jewelers, Ltd. .......... 1,100 25,718 SOCO International PLC (a)...... 173 4,558 Subsea 7, Inc. (a).............. 697 9,207 Tate & Lyle PLC................. 1,364 9,263 Thomas Cook Group PLC........... 1,197 4,726 Thomson Reuters PLC............. 495 10,950 Tomkins PLC..................... 8,410 23,048 Tui Travel PLC.................. 7,025 26,984 United Business Media PLC....... 2,082 18,184 Venture Production PLC.......... 424 4,595 Virgin Media, Inc. ............. 879 6,944 William Hill PLC................ 3,513 14,621 Wolseley PLC.................... 2,229 16,558 ---------- TOTAL UNITED KINGDOM............ 780,569 ----------
See accompanying notes to financial statements. 130 SPDR S&P INTERNATIONAL MID CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- UNITED STATES -- 0.1% WABCO Holdings, Inc. ........... 159 $ 5,651 ---------- TOTAL COMMON STOCKS -- (Cost $6,414,876)............. 4,873,841 ---------- PREFERRED STOCKS -- 0.2% ITALY -- 0.1% Istituto Finanziario Industriale SpA (a)....................... 577 6,257 ---------- SOUTH KOREA -- 0.1% Daewoo Securities Co., Ltd. .... 790 4,248 ---------- TOTAL PREFERRED STOCKS -- (Cost $10,270)................ 10,505 ---------- SHORT TERM INVESTMENTS -- 9.2% UNITED STATES -- 9.2% MONEY MARKET FUNDS -- 9.2% State Street Navigator Securities Lending Prime Portfolio (c)(d).............. 479,486 479,486 STIC Prime Portfolio............ 1,545 1,545 ---------- TOTAL SHORT TERM INVESTMENTS -- (Cost $481,031)............... 481,031 ---------- TOTAL INVESTMENTS -- 103.0% (Cost $6,906,177)............. 5,365,377 OTHER ASSETS AND LIABILITIES -- (3.0)%......... (157,717) ---------- NET ASSETS -- 100.0% ........... $5,207,660 ==========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 131 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 84.7% ARGENTINA -- 0.9% Banco Macro SA ADR............. 3,523 $ 65,175 MercadoLibre, Inc. ............ 1,191 24,237 ---------- TOTAL ARGENTINA................ 89,412 ---------- BRAZIL -- 3.5% BR Malls Participacoes SA (a).. 6,128 36,534 Brasil Ecodiesel Industria e Comercio de Biocombustiveis e Oleos Vegetais SA (a)........ 17,199 12,215 Diagnosticos da America SA..... 3,330 43,935 Eternit SA..................... 13,811 42,243 Lupatech SA (a)................ 2,291 42,757 PDG Realty SA Empreendimentos e Participacoes................ 4,601 32,082 Sao Martinho SA (a)............ 3,947 37,752 Terna Participacoes SA......... 3,605 45,788 Totvs SA....................... 2,120 49,457 ---------- TOTAL BRAZIL................... 342,763 ---------- CHILE -- 2.8% Almendral SA................... 483,345 39,022 Companiha SudAmericana de Vapores SA................... 33,723 35,485 La Polar SA.................... 16,991 48,704 Masisa SA...................... 583,532 84,163 Vina Concha Y Toro SA.......... 41,363 73,091 ---------- TOTAL CHILE.................... 280,465 ---------- CHINA -- 7.1% Anhui Expressway Co., Ltd. .... 98,000 50,866 Brilliance China Automotive Holdings, Ltd. (a)........... 282,000 20,339 Chaoda Modern Agriculture Holdings, Ltd. .............. 78,000 65,097 China Green Holdings, Ltd. .... 45,000 35,991 China Hongxing Sports, Ltd. ... 113,000 23,316 China Huiyuan Juice Group, Ltd. ........................ 62,500 76,471 China Medical Technologies, Inc. ADR..................... 1,063 34,633 China Power International Development, Ltd. ........... 248,000 50,467 Great Wall Motor Co., Ltd. .... 40,000 16,692 Home Inns & Hotels Management Inc. ADR (a)................. 2,808 39,172 Huangshan Tourism Development Co., Ltd. ................... 19,900 18,169 Inner Mongolia Eerduosi Cashmere Products Co., Ltd. ........................ 39,900 28,209 Jiangsu Xincheng Real Estate Co., Ltd. ................... 27,700 10,664 Ports Design, Ltd. ............ 27,500 49,586 Shenzhen International Holdings, Ltd. .............. 700,000 38,316 Sohu.com, Inc. (a)............. 1,210 67,457 TPV Technology, Ltd. .......... 116,000 35,109 Zhuzhou CSR Times Electric Co., Ltd. ........................ 55,000 38,677 ---------- TOTAL CHINA.................... 699,231 ---------- CZECH REPUBLIC -- 0.5% Philip Morris CR AS............ 174 52,865 ---------- EGYPT -- 2.0% Eastern Tobacco................ 630 28,833 Egyptian for Tourism Resorts... 28,906 15,452 Egyptian Kuwait Holding Co. ... 15,659 36,485 El Ezz Steel Rebars SAE........ 3,033 10,255 ElSwedy Cables Holding Co. .... 1,523 28,715 Misr Beni Suef Cement Co. ..... 2,005 24,776 Olympic Group Financial Investments.................. 2,196 14,070 Six of October Development & Investment Co. (a)........... 632 12,484 Suez Cement Co. ............... 4,039 22,929 ---------- TOTAL EGYPT.................... 193,999 ---------- INDIA -- 6.2% Amtek Auto, Ltd. .............. 7,096 24,930 Anant Raj Industries, Ltd. .... 9,008 21,482 Ashok Leyland, Ltd. ........... 61,766 34,917 Bharat Forge, Ltd. ............ 10,887 42,653 CESC, Ltd. .................... 4,506 26,385 Divi's Laboratories, Ltd. ..... 1,858 52,617 Essar Oil, Ltd. (a)............ 10,716 36,484 GTL, Ltd. ..................... 7,359 25,697 India Cements, Ltd. ........... 9,556 25,220 IVRCL Infrastructures & Projects, Ltd. .............. 5,316 26,481 Lanco Infratech, Ltd. (a)...... 5,719 22,029 Moser Baer India, Ltd. ........ 13,801 31,942 Mphasis, Ltd. ................. 12,009 47,560 Nagarjuna Construction, Co., Ltd. ........................ 11,764 23,796 Patni Computer Systems, Ltd. .. 8,291 31,388 Sintex Industries, Ltd. ....... 4,408 26,468 United Phosphorus, Ltd. ....... 7,754 51,677 Yes Bank, Ltd. (a)............. 20,589 53,703 ---------- TOTAL INDIA.................... 605,429 ---------- INDONESIA -- 2.2% Bank Internasional Indonesia Tbk PT....................... 884,000 29,061 Bank Panin Indonesia Tbk PT (a).......................... 843,500 67,981 Energi Mega Persada Tbk PT (a).......................... 391,000 21,561 Indofood Sukses Makmur Tbk PT.. 247,500 51,442 Lippo Karawaci Tbk PT.......... 606,500 45,021 ---------- TOTAL INDONESIA................ 215,066 ---------- ISRAEL -- 5.3% Clal Industries, Ltd. ......... 18,567 63,934 Elbit Imaging, Ltd. ........... 1,188 22,955 Elbit Systems, Ltd. ........... 1,815 96,311 First International Bank of Israel, Ltd. (a)............. 5,721 50,404 IDB Development Corp., Ltd. ... 294 3,988 Koor Industries, Ltd. ......... 1,191 49,357 NICE Systems, Ltd. (a)......... 3,279 95,037 Orbotech, Ltd. ................ 5,592 44,680 Osem Investments, Ltd. ........ 7,664 98,046 ---------- TOTAL ISRAEL................... 524,712 ---------- JORDAN -- 0.4% Jordan Petroleum Refinery...... 2,459 40,087 ---------- MALAYSIA -- 6.7% Alliance Financial Group Bhd... 100,800 72,617 Bursa Malaysia Bhd............. 31,100 57,367 Gamuda Bhd..................... 101,400 62,740 IGB Corp. Bhd.................. 188,800 75,685 KNM Group Bhd.................. 162,650 59,532 Kulim Malaysia Bhd............. 33,000 52,723 Malaysian Bulk Carriers Bhd.... 45,200 40,178 Media Prima Bhd................ 95,700 36,417
See accompanying notes to financial statements. 132 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Sarawake Energy Bhd............ 127,700 $ 87,915 SP Setia Bhd................... 90,100 81,136 UEM World Bhd (a).............. 43,400 30,005 ---------- TOTAL MALAYSIA................. 656,315 ---------- MEXICO -- 3.4% Consorcio ARA, SAB de CV (b)... 62,577 34,742 Grupo Aeroportuario del Sureste SAB de CV.................... 16,104 78,766 Industrias CH SAB, (Series B) (a).......................... 13,708 50,403 Mexichem SAB de CV (b)......... 31,800 57,595 Promotora y Operadora de Infraestructura SAB de CV (a).......................... 16,598 31,723 TV Azteca SAB de CV............ 126,354 79,004 ---------- TOTAL MEXICO................... 332,233 ---------- MOROCCO -- 1.4% Banque Centrale Populaire...... 236 73,014 Societe Anonyme Marocaine de 1'Industrie du Raffinage..... 742 63,895 ---------- TOTAL MOROCCO.................. 136,909 ---------- PAKISTAN -- 1.5% Bank Al Habib, Ltd. ........... 76,400 33,333 EFU General Insurance, Ltd. ... 4,600 9,599 Hub Power Co., Ltd. ........... 178,500 48,953 Lucky Cement, Ltd. (a)......... 26,000 19,195 Pakistan Oil Fields, Ltd. ..... 10,700 33,297 ---------- TOTAL PAKISTAN................. 144,377 ---------- PERU -- 0.4% Sociedad Minera El Brocal SA... 3,824 38,607 ---------- PHILIPPINES -- 0.4% Megaworld Corp. ............... 1,232,000 36,659 ---------- POLAND -- 3.8% Agora SA....................... 3,473 39,442 Asseco Poland SA............... 1,873 48,055 Ciech SA....................... 1,280 27,057 Echo Investment SA (a)......... 20,583 34,125 Emperia Holding SA............. 712 22,724 Grupa Lotos SA (a)............. 4,191 46,693 LPP SA (a)..................... 49 30,759 Orbis SA....................... 1,788 39,426 PBG SA (a)..................... 494 47,073 Polimex Mostostal SA........... 20,580 38,300 ---------- TOTAL POLAND................... 373,654 ---------- SOUTH AFRICA -- 9.2% Afgri, Ltd. ................... 84,510 50,416 Aspen Pharmacare Holdings, Ltd. ........................ 20,922 107,381 Coronation Fund Managers, Ltd. ........................ 73,253 50,866 DataTec, Ltd. ................. 15,495 47,155 Foschini, Ltd. ................ 14,994 71,524 Gold Reef Resorts, Ltd. ....... 22,006 40,129 Grindrod, Ltd. ................ 23,792 51,143 Hosken Consolidated Investments, Ltd. ........... 6,044 40,867 JD Group, Ltd. ................ 12,568 45,153 JSE, Ltd. ..................... 7,007 45,728 Lewis Group, Ltd. ............. 13,091 63,221 Merafe Resources, Ltd. (a)..... 110,438 18,405 Metorex, Ltd. (a).............. 24,882 39,063 Mvelaphanda Resources, Ltd. (a).......................... 8,079 40,002 Northam Platinum, Ltd. ........ 7,682 41,747 Reunert, Ltd. ................. 11,263 78,195 SA Corporate Real Estate Fund.. 215,552 61,172 Sentula Mining, Ltd. (c)....... 7,478 7,766 ---------- TOTAL SOUTH AFRICA............. 899,933 ---------- TAIWAN -- 20.4% AmTRAN Technology Co., Ltd. ... 35,721 13,768 Asia Optical Co., Inc. ........ 18,090 23,870 BES Engineering Corp. ......... 84,000 15,927 Capital Securities Corp. ...... 70,100 24,404 Cathay Real Estate Development Co., Ltd. ................... 42,000 11,462 Chicony Electronics Co., Ltd. ........................ 18,630 28,172 China Bills Finance Corp. (a).. 734,000 103,353 China Life Insurance Co., Ltd. ........................ 47,540 20,392 China Petrochemical Development Corp. (a).................... 74,000 17,297 Clevo Co. ..................... 19,450 18,742 CMC Magnetics Corp. (a)........ 108,000 20,981 Coretronic Corp. .............. 43,420 36,103 D-Link Corp. .................. 33,320 28,016 E.Sun Financial Holding Co., Ltd. ........................ 339,400 89,567 Elan Microelectronics Corp. ... 18,000 11,833 Everlight Electronics Co., Ltd. ........................ 12,119 24,485 Far Eastern Department Stores, Ltd. ........................ 26,650 16,982 Far Eastern International Bank (a).......................... 136,000 25,998 Faraday Technology Corp. ...... 14,069 14,344 Feng Hsin Iron & Steel Co., Ltd. ........................ 18,270 23,397 Firich Enterprises Co., Ltd. .. 1,352 3,765 Formosa Taffeta Co., Ltd. ..... 58,000 36,598 Giant Manufacturing Co., Ltd. ........................ 23,550 57,902 Global Unichip Corp. .......... 4,109 23,118 Goldsun Development & Construction Co., Ltd. ...... 58,350 15,435 Greatek Electronics, Inc. ..... 36,020 28,438 HannStar Display Corp. ........ 160,474 34,418 Highwealth Construction Corp. ....................... 14,351 7,717 Himax Technologies, Inc. ADR... 14,337 41,434 Hotai Motor Co., Ltd. ......... 16,000 34,217 Huaku Development Co., Ltd. ... 9,600 11,086 International Games System Co., Ltd. ........................ 4,199 15,532 Inventec Co., Ltd. ............ 160,550 76,853 KGI Securities Co., Ltd. ...... 80,000 29,840 King Yuan Electronics Co., Ltd. ........................ 66,546 22,029 Kinsus Interconnect Technology Corp. ....................... 12,030 16,378 Largan Precision Co., Ltd. .... 2,020 20,595 Macronix International Co., Ltd. ........................ 88,429 25,068 Makalot Industrial Co., Ltd. .. 40,000 33,943 Mitac International Corp. ..... 53,999 25,681 Mosel Vitelic, Inc. (a)........ 28,000 10,531 Nan Kang Rubber Tire Co., Ltd. ........................ 26,000 19,073 Pan-International Industrial Co., Ltd. ................... 12,300 14,070 PixArt Imaging, Inc. .......... 1,040 3,621 Polaris Securities Co., Ltd. .. 101,920 39,125 President Securities Corp. .... 58,924 22,894 Prince Housing Development Corp. ....................... 17,510 3,440 Qisda Corp. ................... 58,080 21,574 RichTek Technology Corp. ...... 2,100 11,097 Ritek Corp. (a)................ 254,000 39,160 Ruentex Development Co., Ltd. ........................ 22,000 11,694
See accompanying notes to financial statements. 133 SPDR S&P EMERGING MARKETS SMALL CAP ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Silicon Motion Technology Corp. ADR (a)...................... 3,312 $ 15,500 Simplo Technology Co., Ltd. ... 6,300 20,268 Sino-American Silicon Products, Inc. ........................ 4,174 13,104 Solar Applied Materials Technology Corp. ............ 9,788 21,723 Taichung Commercial Bank (a)... 74,000 20,127 Taiwan Business Bank (a)....... 106,000 25,403 Taiwan Glass Industrial Corp. ....................... 62,240 34,823 Teco Electric & Machinery Co., Ltd. ........................ 182,000 61,946 Tripod Technology Corp. ....... 19,540 36,564 TSRC Corp. .................... 24,000 25,364 Tung Ho Steel Enterprise Corp. ....................... 26,000 21,295 Unimicron Technology Corp. .... 26,130 20,427 Universal Cement Corp. ........ 77,800 37,967 Via Technologies, Inc. (a)..... 46,000 19,446 Wafer Works Corp. ............. 4,060 8,367 Walsin Lihwa Corp. ............ 184,000 48,786 Wan Hai Lines, Ltd. ........... 60,400 26,284 Winbond Electronics Corp. (a).. 302,000 36,141 Wintek Corp. .................. 42,000 16,384 WPG Holdings Co., Ltd. ........ 21,304 16,290 Yageo Corp. ................... 132,000 26,259 Yang Ming Marine Transport..... 65,899 22,327 Yosun Industrial Corp. ........ 45,680 23,428 Yuen Foong Yu Paper Manufacturing Co., Ltd. ..... 112,080 28,567 Yulon Motor Co., Ltd. ......... 64,462 34,564 Zinwell Corp. ................. 7,542 10,327 ---------- TOTAL TAIWAN................... 1,997,100 ---------- THAILAND -- 4.7% BEC World PCL.................. 93,800 59,041 Cal-Comp Electronics Thailand PCL.......................... 521,900 50,278 Central Pattana PCL............ 77,600 37,837 Charoen Pokphand Foods PCL..... 444,900 53,378 Glow Energy PCL................ 107,200 88,700 Hana Microelectronics PCL...... 132,300 51,997 Minor International PCL........ 125,900 41,297 Thanachart Capital PCL......... 165,300 51,778 Thoresen Thai Agencies PCL..... 35,700 27,165 ---------- TOTAL THAILAND................. 461,471 ---------- TURKEY -- 1.9% Albaraka Turk Katilim Bankasi.. 15,318 36,397 Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (a)..... 39,030 24,566 Petkim Petrokimya Holding AS (a).......................... 10,414 36,052 Sekerbank TAS.................. 13,454 20,112 Turk Hava Yollari Anonim Ortakligi (a)................ 13,427 69,723 ---------- TOTAL TURKEY................... 186,850 ---------- TOTAL COMMON STOCKS -- (Cost $10,405,331)........... 8,308,137 ---------- PREFERRED STOCKS -- 3.3% BRAZIL -- 3.3% Banco do Estado do Rio Grande do Sul SA.................... 9,097 30,654 Centrais Eletricas de Santa Catarina SA.................. 2,606 59,849 Companiha de Tecidos Norte de Minas (a).................... 11,687 29,082 Confab Industrial SA........... 20,110 55,150 Marcopolo SA................... 18,967 49,066 Randon SA Implementos e Participacoes................ 8,484 47,325 Telemig Celular Participacoes SA........................... 2,456 45,824 ---------- TOTAL PREFERRED STOCKS -- (Cost $397,243).............. 316,950 ---------- SHORT TERM INVESTMENTS -- 0.2% UNITED STATES -- 0.2% MONEY MARKET FUNDS -- 0.2% State Street Navigator Securities Lending Prime Portfolio (d)(e)............. 20,014 20,014 STIC Prime Portfolio........... 100 100 ---------- TOTAL SHORT TERM INVESTMENTS -- (Cost $20,114)............... 20,114 ---------- TOTAL INVESTMENTS -- 88.2% (Cost $10,822,688)........... 8,645,201 OTHER ASSETS AND LIABILITIES -- 11.8%......... 1,161,627 ---------- NET ASSETS -- 100.0%........... $9,806,828 ==========
(a) Non-income producing security. (b) Security, or portion thereof, was on loan at September 30, 2008. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Comittee in accordance with procedures approved by the Board of Trustees. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (e) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt At September 30, 2008, open futures contracts purchased were as follows:
EXPIRATION AGGREGATE UNREALIZED FUTURES DATE CONTRACTS FACE VALUE VALUE DEPRECIATION - ------- ---------- --------- ---------- ---------- ------------ MSCI Taiwan Stock Index....... 10/31/2008 46 $1,014,260 $1,004,180 $(10,080)
See accompanying notes to financial statements. 134 SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 100.1% AUSTRALIA -- 9.1% Abacus Property Group (a)....... 19,740 $ 14,014 Babcock & Brown Japan Property Trust......................... 16,932 7,813 Bunnings Warehouse Property Trust......................... 7,577 10,728 Centro Properties Group (b)(a).. 27,166 1,886 Centro Retail Group............. 53,071 4,814 CFS Retail Property Trust (a)... 40,526 71,926 Commonwealth Property Office Fund.......................... 51,904 58,956 Dexus Property Group............ 97,948 110,484 Goodman Group................... 47,737 91,502 GPT Group....................... 69,926 96,526 ING Industrial Fund (a)......... 36,201 44,261 ING Office Fund................. 40,454 45,312 ING Real Estate Community Living Group (a)..................... 12,382 3,077 Macquarie CountryWide Trust (a)........................... 44,480 33,332 Macquarie DDR Trust............. 27,203 6,652 Macquarie Leisure Trust Group... 115 134 Macquarie Office Trust (a)...... 65,231 40,134 Tishman Speyer Office Fund...... 10,186 7,472 Valad Property Group............ 51,002 11,868 Westfield Group (a)............. 58,965 773,953 ----------- TOTAL AUSTRALIA................. 1,434,844 ----------- AUSTRIA -- 0.9% Atrium European Real Estate, Ltd. (b)...................... 6,784 50,028 CA Immobilien Anlagen AG (b).... 2,524 24,463 IMMOEAST AG (b)................. 12,068 30,004 Immofinanz Immobilien Anlagen AG............................ 13,388 45,885 ----------- TOTAL AUSTRIA................... 150,380 ----------- BELGIUM -- 0.6% Befimmo S.C.A. ................. 352 35,367 Cofinimmo REIT.................. 315 54,423 ----------- TOTAL BELGIUM................... 89,790 ----------- CANADA -- 5.1% Artis REIT...................... 527 6,915 Boardwalk REIT.................. 796 26,728 Brookfield Asset Management, Inc. (Class A)................ 16,747 451,911 Brookfield Properties Corp. .... 6,538 103,562 Calloway REIT................... 1,216 21,342 Canadian Apartment Properties REIT.......................... 1,046 15,643 Canadian REIT................... 952 25,376 Chartwell Seniors Housing REIT.. 1,506 10,057 Extendicare REIT................ 978 6,393 First Capital Realty, Inc. ..... 1,029 20,450 H&R REIT........................ 2,276 32,068 Primaris Retail REIT............ 972 14,929 RioCan REIT..................... 3,412 64,857 ----------- TOTAL CANADA.................... 800,231 ----------- CHINA -- 4.1% Champion REIT................... 53,000 21,570 GZI REIT........................ 20,000 6,362 Hang Lung Group, Ltd. .......... 24,000 74,803 Hang Lung Properties, Ltd. ..... 59,000 135,867 Hong Kong Land Holdings, Ltd. .. 40,000 118,400 Hysan Development Co., Ltd. .... 19,096 49,140 Kerry Properties, Ltd. ......... 19,500 62,034 Prosperity REIT................. 36,000 6,213 The Link REIT................... 53,269 109,909 Wheelock & Co., Ltd. ........... 30,000 53,862 ----------- TOTAL CHINA..................... 638,160 ----------- FRANCE -- 5.1% Fonciere des Regions (a)........ 628 64,659 Gecina SA....................... 663 70,778 Klepierre....................... 2,343 90,110 Societe Immobiliere de Location pour l'Industrie et le Commerce...................... 337 41,183 Unibail-Rodamco................. 2,652 529,416 ----------- TOTAL FRANCE.................... 796,146 ----------- GERMANY -- 0.2% IVG Immobilien AG............... 2,943 28,069 ----------- ITALY -- 0.1% Beni Stabili SpA................ 15,676 14,312 ----------- JAPAN -- 9.9% Aeon Mall Co., Ltd. ............ 2,500 73,000 Creed Office Investment Corp. .. 4 6,480 DA Office Investment Corp. ..... 7 25,385 Daibiru Corp. .................. 1,900 14,049 Frontier Real Estate Investment Corp. ........................ 4 22,908 Fukuoka REIT Corp. ............. 3 15,288 Global One REIT................. 3 27,438 Hankyu REIT, Inc. .............. 3 14,129 Heiwa Real Estate Co., Ltd. .... 4,500 15,683 Japan Excellent, Inc. .......... 4 17,445 Japan Hotel and Resort, Inc. ... 3 6,188 Japan Prime Realty Investment Corp. ........................ 19 44,026 Japan Real Estate Investment Corp. ........................ 15 118,118 Japan Retail Fund Investment Corp. (a)..................... 12 48,378 Kenedix Realty Investment Corp. ........................ 7 25,385 Mitsui Fudosan Co., Ltd. ....... 28,000 517,195 Mori Hills REIT Investment Corp. ........................ 4 16,390 Mori Trust Sogo REIT, Inc. (a).. 4 29,878 New City Residence Investment Corp. (a)..................... 5 6,970 Nippon Building Fund, Inc. ..... 17 160,448 Nippon Commercial Investment Corp. ........................ 8 16,879 Nippon Residential Investment Corp. ........................ 8 19,585 Nomura Real Estate Office Fund, Inc. ......................... 9 60,189 NTT Urban Development Corp. .... 35 41,473 Orix JREIT, Inc. ............... 8 40,164 Premier Investment Co. ......... 4 16,729 Shoei Co., Ltd. ................ 1,200 11,371 TOC Co., Ltd. (a)............... 3,500 13,121 Tokyu Land Corp. (a)............ 15,000 53,549 Tokyu REIT, Inc. ............... 5 31,837 Top REIT, Inc. ................. 5 17,708 United Urban Investment Corp. .. 7 30,132 ----------- TOTAL JAPAN..................... 1,557,518 ----------- NETHERLANDS -- 1.5% Corio NV........................ 2,177 152,545 Eurocommercial Properties NV.... 1,004 43,013 VastNed Retail NV............... 543 37,869 ----------- TOTAL NETHERLANDS............... 233,427 -----------
See accompanying notes to financial statements. 135 SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- NEW ZEALAND -- 0.3% AMP NZ Office Trust............. 17,096 $ 12,674 Goodman Property Trust.......... 21,318 16,659 ING Property Trust.............. 16,855 7,993 Kiwi Income Property Trust (a).. 23,228 17,996 ----------- TOTAL NEW ZEALAND............... 55,322 ----------- SINGAPORE -- 2.3% Allco Commercial REIT........... 20,000 7,065 Ascendas REIT................... 31,000 40,547 Cambridge Industrial Trust...... 23,000 6,998 CapitaCommercial Trust.......... 25,000 22,907 CapitaLand, Ltd. ............... 53,000 113,436 CapitaMall Trust................ 33,000 51,934 Guocoland, Ltd. ................ 5,000 6,400 Macquarie Prime REIT............ 21,000 12,118 Mapletree Logistics Trust....... 42,000 21,445 Singapore Land, Ltd. ........... 4,000 13,429 Suntec REIT (a)................. 47,000 38,134 United Industrial Corp., Ltd. .. 21,000 30,111 ----------- TOTAL SINGAPORE................. 364,524 ----------- SOUTH AFRICA -- 0.3% Capital Property Fund........... 9,064 5,692 Fountainhead Property Trust..... 32,018 21,653 SA Corporate Real Estate Fund... 25,941 7,362 Sycom Property Fund............. 3,189 7,047 ----------- TOTAL SOUTH AFRICA.............. 41,754 ----------- SPAIN-- 0.0% Martinsa-Fadesa SA (b)(c)(d).... 178 0 ----------- SWEDEN -- 0.6% Castellum AB.................... 5,158 44,014 Fabege AB....................... 4,004 22,051 Kungsleden AB................... 4,388 27,438 ----------- TOTAL SWEDEN.................... 93,503 ----------- SWITZERLAND -- 0.8% PSP Swiss Property AG (b)....... 1,366 79,005 Swiss Prime Site AG (b)......... 744 42,467 ----------- TOTAL SWITZERLAND............... 121,472 ----------- UNITED KINGDOM -- 7.7% Big Yellow Group PLC............ 2,731 15,821 British Land Co. PLC............ 16,910 224,401 Brixton PLC..................... 8,102 29,966 Capital & Regional PLC.......... 2,127 6,407 Derwent London PLC.............. 3,029 56,312 Grainger PLC.................... 3,848 13,718 Great Portland Estates PLC...... 5,819 34,591 Hammerson PLC................... 9,399 162,674 Land Securities Group PLC....... 15,247 339,713 Liberty International PLC....... 9,641 164,714 Minerva PLC (b)................. 5,181 3,186 Quintain Estates & Development PLC........................... 4,258 15,274 Segro PLC....................... 14,033 104,242 Shaftesbury PLC................. 4,350 32,759 Workspace Group PLC............. 5,603 12,883 ----------- TOTAL UNITED KINGDOM............ 1,216,661 ----------- UNITED STATES -- 51.5% Acadia Realty Trust............. 971 24,547 Alexander's, Inc. (b)........... 84 33,600 Alexandria Real Estate Equities, Inc. ......................... 1,024 115,200 AMB Property Corp. ............. 3,141 142,287 American Campus Communities, Inc. ......................... 1,364 46,212 Apartment Investment & Management Co. (Class A)...... 2,914 102,048 Ashford Hospitality Trust, Inc. ......................... 3,870 15,673 Associated Estates Realty Corp. ........................ 506 6,593 Avalonbay Communities, Inc. .... 2,470 243,097 BioMed Realty Trust, Inc. ...... 2,288 60,518 Boston Properties, Inc. ........ 3,823 358,062 Brandywine Realty Trust......... 2,817 45,156 BRE Properties, Inc. ........... 1,644 80,556 Camden Property Trust........... 1,694 77,687 CBL & Associates Properties, Inc. ......................... 2,123 42,630 Cedar Shopping Centers, Inc. ... 1,422 18,799 Colonial Properties Trust....... 1,339 25,026 Corporate Office Properties Trust......................... 1,522 61,413 Cousins Properties, Inc. ....... 1,266 31,941 DCT Industrial Trust, Inc. ..... 5,491 41,128 Developers Diversified Realty Corp. ........................ 3,839 121,658 DiamondRock Hospitality Co. .... 2,946 26,809 Digital Realty Trust, Inc. ..... 2,149 101,540 Douglas Emmett, Inc. ........... 3,476 80,191 Duke Realty Corp. .............. 4,681 115,059 DuPont Fabros Technology, Inc. ......................... 1,140 17,385 EastGroup Properties, Inc. ..... 790 38,347 Education Realty Trust, Inc. ... 903 10,005 Equity Lifestyle Properties, Inc. ......................... 722 38,288 Equity One, Inc. ............... 1,066 21,842 Equity Residential.............. 8,813 391,385 Essex Property Trust, Inc. ..... 817 96,676 Extra Space Storage, Inc. ...... 2,661 40,873 Federal Realty Investment Trust......................... 1,888 161,613 FelCor Lodging Trust, Inc. ..... 2,001 14,327 First Industrial Realty Trust, Inc. ......................... 1,419 40,697 First Potomac Realty Trust...... 783 13,460 Forest City Enterprises, Inc. (Class A)..................... 2,225 68,241 General Growth Properties, Inc. ......................... 8,115 122,536 Glimcher Realty Trust........... 1,211 12,643 HCP, Inc. ...................... 8,082 324,331 Health Care REIT, Inc. ......... 3,272 174,169 Healthcare Realty Trust, Inc. .. 1,629 47,485 Hersha Hospitality Trust........ 1,476 10,981 Highwoods Properties, Inc. ..... 1,823 64,826 Home Properties, Inc. .......... 1,023 59,283 Hospitality Properties Trust.... 3,016 61,888 Host Hotels & Resorts, Inc. .... 16,844 223,857 HRPT Properties Trust........... 7,246 49,925 Inland Real Estate Corp. ....... 1,910 29,968 Kilroy Realty Corp. ............ 1,049 50,132 Kimco Realty Corp. ............. 7,100 262,274 Kite Realty Group Trust......... 928 10,208 LaSalle Hotel Properties........ 1,285 29,966 Liberty Property Trust.......... 2,971 111,858 Mack-Cali Realty Corp. ......... 2,111 71,500 Maguire Properties, Inc. ....... 1,183 7,051
See accompanying notes to financial statements. 136 SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Mid-America Apartment Communities, Inc. ............ 890 $ 43,735 Nationwide Health Properties, Inc. ......................... 3,089 111,142 Parkway Properties, Inc. ....... 493 18,665 Pennsylvania Real Estate Investment Trust.............. 1,263 23,808 Post Properties, Inc. .......... 1,411 39,466 ProLogis........................ 8,485 350,176 PS Business Parks, Inc. ........ 493 28,397 Public Storage.................. 4,161 411,981 Ramco-Gershenson Properties Trust......................... 593 13,295 Regency Centers Corp. .......... 2,225 148,385 Saul Centers, Inc. ............. 494 24,967 Senior Housing Properties Trust......................... 3,557 84,763 Simon Property Group, Inc. ..... 7,181 696,557 SL Green Realty Corp. .......... 1,869 121,111 Sovran Self Storage, Inc. ...... 700 31,283 Strategic Hotels & Resorts, Inc. ......................... 2,390 18,044 Sun Communities, Inc. .......... 541 10,717 Sunstone Hotel Investors, Inc. ......................... 1,610 21,735 Tanger Factory Outlet Centers, Inc. ......................... 1,007 44,096 Taubman Centers, Inc. .......... 1,691 84,550 The Macerich Co. ............... 2,400 152,760 U-Store-It Trust................ 1,515 18,589 UDR, Inc. ...................... 4,132 108,052 Universal Health Realty Income Trust......................... 353 13,732 Ventas, Inc. ................... 4,624 228,518 Vornado Realty Trust............ 4,610 419,279 Washington Real Estate Investment Trust.............. 1,566 57,363 Weingarten Realty Investors..... 2,499 89,139 ----------- TOTAL UNITED STATES............. 8,109,755 ----------- TOTAL COMMON STOCKS -- (Cost $17,495,035)............ 15,745,868 ----------- SHORT TERM INVESTMENTS -- 3.8% UNITED STATES -- 3.8% MONEY MARKET FUNDS -- 3.8% State Street Navigator Securities Lending Prime Portfolio (e)(f).............. 499,627 499,627 STIC Prime Portfolio............ 103,736 103,736 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $603,363)............... 603,363 ----------- TOTAL INVESTMENTS -- 103.9% (Cost $18,098,398)............ 16,349,231 OTHER ASSETS AND LIABILITIES -- (3.9)%......... (617,945) ----------- NET ASSETS -- 100.0%............ $15,731,286 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Company has filed for insolvency. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investments of cash collateral for securities loaned. REIT = Real Estate Investment Trust See accompanying notes to financial statements. 137 SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% AUSTRALIA -- 19.0% Abacus Property Group....... 2,121,321 $ 1,505,969 Babcock & Brown Japan Property Trust (a)........ 1,915,850 884,065 Bunnings Warehouse Property Trust..................... 828,293 1,172,777 Centro Properties Group (a)(b).................... 2,874,130 199,506 Centro Retail Group......... 5,597,973 507,804 CFS Retail Property Trust (a)....................... 4,428,392 7,859,513 Commonwealth Property Office Fund (a).................. 5,562,834 6,318,670 Dexus Property Group........ 10,717,662 12,089,356 Goodman Group (a)........... 5,116,275 9,806,798 GPT Group (a)............... 7,491,957 10,341,901 ING Industrial Fund (a)..... 3,912,946 4,784,126 ING Office Fund (a)......... 4,335,633 4,856,327 ING Real Estate Community Living Group (a).......... 1,296,763 322,209 Macquarie CountryWide Trust (a)....................... 4,863,621 3,644,604 Macquarie DDR Trust......... 2,821,578 689,955 Macquarie Leisure Trust Group..................... 58,648 68,467 Macquarie Office Trust (a).. 6,991,137 4,301,397 Tishman Speyer Office Fund (a)....................... 1,081,203 793,154 Valad Property Group (a).... 5,486,532 1,276,695 Westfield Group (a)......... 6,276,356 82,381,170 ------------- TOTAL AUSTRALIA............. 153,804,463 ------------- AUSTRIA -- 2.0% Atrium European Real Estate, Ltd. (b).................. 727,560 5,365,328 CA Immobilien Anlagen AG (b)....................... 270,557 2,622,262 IMMOEAST AG (b)............. 1,308,723 3,253,788 Immofinanz Immobilien Anlagen AG (a)............ 1,447,222 4,960,131 ------------- TOTAL AUSTRIA............... 16,201,509 ------------- BELGIUM -- 1.2% Befimmo S.C.A. ............. 37,683 3,786,186 Cofinimmo REIT (a).......... 34,066 5,885,650 ------------- TOTAL BELGIUM............... 9,671,836 ------------- CANADA -- 9.2% Artis REIT.................. 53,900 707,209 Boardwalk REIT.............. 84,450 2,835,652 Brookfield Asset Management, Inc. (Class A) (a)........ 1,789,370 48,285,389 Calloway REIT............... 132,020 2,317,055 Canadian Apartment Properties REIT........... 111,026 1,660,378 Canadian REIT............... 102,106 2,721,674 Chartwell Seniors Housing REIT...................... 166,007 1,108,587 Extendicare REIT (b)........ 110,487 722,239 First Capital Realty, Inc. ..................... 114,997 2,285,446 H&R REIT.................... 245,637 3,460,913 Primaris Retail REIT........ 103,069 1,583,067 RioCan REIT................. 369,718 7,027,841 ------------- TOTAL CANADA................ 74,715,450 ------------- CHINA -- 8.5% Champion REIT............... 5,727,000 2,330,822 GZI REIT.................... 2,305,000 733,268 Hang Lung Group, Ltd. ...... 2,605,000 8,119,289 Hang Lung Properties, Ltd. ..................... 6,305,449 14,520,395 Henderson Investment, Ltd. ..................... 30,000 1,391 Henderson Land Development Co., Ltd. ................ 32,000 140,128 Hong Kong Land Holdings, Ltd. (a).................. 4,215,000 12,476,400 Hysan Development Co., Ltd. ..................... 2,093,185 5,386,392 Kerry Properties, Ltd. ..... 2,105,718 6,698,723 Prosperity REIT............. 3,755,000 648,052 The Link REIT............... 5,813,685 11,995,239 Wheelock & Co., Ltd. ....... 3,226,000 5,791,913 ------------- TOTAL CHINA................. 68,842,012 ------------- FRANCE -- 10.5% Fonciere des Regions (a).... 67,757 6,976,319 Gecina SA................... 71,583 7,641,730 Klepierre................... 251,497 9,672,404 Societe Immobiliere de Location pour l'Industrie et le Commerce............ 36,456 4,455,090 Unibail-Rodamco (a)......... 282,312 56,357,632 ------------- TOTAL FRANCE................ 85,103,175 ------------- GERMANY -- 0.4% IVG Immobilien AG (a)....... 315,433 3,008,466 ------------- ITALY -- 0.2% Beni Stabili SpA (a)........ 1,632,813 1,490,795 ------------- JAPAN -- 20.6% Aeon Mall Co., Ltd. (a)..... 274,580 8,017,689 Creed Office Investment Corp. (a)................. 453 733,914 DA Office Investment Corp. .................... 706 2,560,260 Daibiru Corp. (a)........... 197,300 1,458,866 Frontier Real Estate Investment Corp. (a)...... 472 2,703,113 Fukuoka REIT Corp. ......... 282 1,437,027 Global One REIT Co., Ltd. .. 335 3,063,957 Hankyu REIT, Inc. (a)....... 292 1,375,218 Heiwa Real Estate Co., Ltd. (a)....................... 513,500 1,789,620 Japan Excellent, Inc. ...... 482 2,102,068 Japan Hotel and Resort, Inc. ..................... 285 587,906 Japan Prime Realty Investment Corp. ......... 2,015 4,669,053 Japan Real Estate Investment Corp. .................... 1,526 12,016,540 Japan Retail Fund Investment Corp. (a)................. 1,333 5,373,937 Kenedix Realty Investment Corp. .................... 689 2,498,611 Mitsui Fudosan Co., Ltd. (a)....................... 3,032,000 56,004,823 Mori Hills REIT Investment Corp. .................... 377 1,544,718 Mori Trust Sogo REIT, Inc. (a)....................... 386 2,883,229 New City Residence Investment Corp. (a)...... 617 860,133 Nippon Building Fund, Inc. (a)....................... 1,859 17,545,500 Nippon Commercial Investment Corp. .................... 885 1,867,282 Nippon Residential Investment Corp. ......... 847 2,073,520 Nomura Real Estate Office Fund, Inc. ............... 1,051 7,028,776 NTT Urban Development Corp. (a)....................... 3,740 4,431,705 Orix JREIT, Inc. ........... 861 4,322,639 Premier Investment Co. (a).. 446 1,865,248 Shoei Co., Ltd. ............ 123,890 1,173,959
See accompanying notes to financial statements. 138 SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TOC Co., Ltd. (a)........... 350,500 $ 1,313,983 Tokyu Land Corp. (a)........ 1,575,000 5,622,616 Tokyu REIT, Inc. (a)........ 549 3,495,728 Top REIT, Inc. ............. 527 1,866,453 United Urban Investment Corp. .................... 689 2,965,883 ------------- TOTAL JAPAN................. 167,253,974 ------------- NETHERLANDS -- 3.1% Corio NV.................... 231,691 16,234,815 Eurocommercial Properties NV........................ 107,505 4,605,711 VastNed Retail NV........... 58,233 4,061,221 ------------- TOTAL NETHERLANDS........... 24,901,747 ------------- NEW ZEALAND -- 0.7% AMP NZ Office Trust (a)..... 1,814,572 1,345,268 Goodman Property Trust (a).. 2,244,073 1,753,615 ING Property Trust.......... 1,800,439 853,784 Kiwi Income Property Trust (a)....................... 2,486,975 1,926,819 ------------- TOTAL NEW ZEALAND........... 5,879,486 ------------- SINGAPORE -- 4.9% Allco Commercial REIT....... 2,032,000 717,745 Ascendas REIT............... 3,329,000 4,354,221 Cambridge Industrial Trust.. 2,362,074 718,684 CapitaCommercial Trust (a).. 2,736,000 2,506,932 CapitaLand, Ltd. (a)........ 5,745,000 12,296,076 CapitaMall Trust (a)........ 3,646,000 5,737,917 Guocoland, Ltd. (a)......... 623,000 797,433 Macquarie Prime REIT........ 2,368,000 1,366,441 Mapletree Logistics Trust... 4,524,000 2,309,939 Singapore Land, Ltd. (a).... 444,000 1,490,662 Suntec REIT (a)............. 4,999,000 4,055,984 United Industrial Corp., Ltd. (a).................. 2,341,000 3,356,683 ------------- TOTAL SINGAPORE............. 39,708,717 ------------- SOUTH AFRICA -- 0.5% Capital Property Fund....... 992,044 622,974 Fountainhead Property Trust..................... 3,431,497 2,320,637 SA Corporate Real Estate Fund...................... 2,738,451 777,156 Sycom Property Fund......... 336,684 744,062 ------------- TOTAL SOUTH AFRICA.......... 4,464,829 ------------- SPAIN -- 0.0% Martinsa-Fadesa SA (b)(c)(d)................. 35,998 0 ------------- SWEDEN -- 1.2% Castellum AB (a)............ 552,831 4,717,428 Fabege AB................... 433,981 2,390,000 Kungsleden AB (a)........... 470,268 2,940,545 ------------- TOTAL SWEDEN................ 10,047,973 ------------- SWITZERLAND -- 1.6% PSP Swiss Property AG (a)(b).................... 146,250 8,458,696 Swiss Prime Site AG (b)..... 79,621 4,544,699 ------------- TOTAL SWITZERLAND........... 13,003,395 ------------- UNITED KINGDOM -- 16.0% Big Yellow Group PLC (a).... 292,608 1,695,066 British Land Co. PLC........ 1,799,994 23,886,513 Brixton PLC................. 880,243 3,255,650 Capital & Regional PLC...... 232,065 699,058 Derwent London PLC.......... 324,890 6,040,010 Grainger PLC................ 408,490 1,456,225 Great Portland Estates PLC (a)....................... 623,647 3,707,248 Hammerson PLC............... 1,000,418 17,314,810 Land Securities Group PLC... 1,622,863 36,158,373 Liberty International PLC (a)....................... 1,026,211 17,532,579 Minerva PLC (b)............. 546,635 336,150 Quintain Estates & Development PLC........... 458,159 1,643,498 Segro PLC................... 1,504,484 11,175,841 Shaftesbury PLC (a)......... 466,342 3,511,950 Workspace Group PLC......... 592,605 1,362,611 ------------- TOTAL UNITED KINGDOM........ 129,775,582 ------------- TOTAL COMMON STOCKS -- (Cost $1,285,829,508)..... 807,873,409 ------------- SHORT TERM INVESTMENTS -- 16.5% UNITED STATES -- 16.5% MONEY MARKET FUNDS -- 16.5% State Street Navigator Securities Lending Prime Portfolio (e)(f).......... 122,547,301 122,547,301 STIC Prime Portfolio........ 10,884,476 10,884,476 ------------- TOTAL SHORT TERM INVESTMENTS -- (Cost $133,431,777)....... 133,431,777 ------------- TOTAL INVESTMENTS -- 116.1% (Cost $1,419,261,285)..... 941,305,186 OTHER ASSETS AND LIABILITIES -- (16.1)%.... (130,187,130) ------------- NET ASSETS -- 100.0%........ $ 811,118,056 =============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Company has filed for insolvency. (e) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (f) Investments of cash collateral for securities loaned. REIT = Real Estate Investment Trust See accompanying notes to financial statements. 139 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.4% AUSTRALIA -- 1.2% AGL Energy, Ltd. ............. 28,242 $ 305,195 Macquarie Infrastructure Group (a)......................... 165,331 301,254 Transurban Group (a).......... 81,642 359,348 ------------ TOTAL AUSTRALIA............... 965,797 ------------ BRAZIL -- 0.8% Centrais Eletricas Brasileiras SA ADR...................... 21,264 304,473 Companhia Energetica de Minas Gerais ADR (a).............. 18,542 366,019 ------------ TOTAL BRAZIL.................. 670,492 ------------ CANADA -- 3.5% Enbridge, Inc. ............... 23,883 884,605 Fortis, Inc. ................. 10,281 232,464 TransAlta Corp. .............. 13,000 349,699 TransCanada Corp. (a)......... 37,393 1,342,448 ------------ TOTAL CANADA.................. 2,809,216 ------------ CHINA -- 3.2% China Merchants Holdings International Co., Ltd. .... 77,212 242,643 CLP Holdings, Ltd. ........... 118,000 947,574 Hong Kong & China Gas Co., Ltd. ....................... 322,320 728,965 HongKong Electric Holdings, Ltd. ....................... 104,000 649,636 ------------ TOTAL CHINA................... 2,568,818 ------------ FINLAND -- 1.2% Fortum Oyj.................... 28,933 958,309 ------------ FRANCE -- 10.7% Electricite de France......... 16,658 1,191,811 GDF Suez...................... 108,048 5,539,592 Suez SA (b)................... 23,889 586,889 Veolia Environnement.......... 30,347 1,230,426 ------------ TOTAL FRANCE.................. 8,548,718 ------------ GERMANY -- 10.7% E.ON AG....................... 122,884 6,141,429 RWE AG........................ 25,470 2,414,910 ------------ TOTAL GERMANY................. 8,556,339 ------------ ITALY -- 5.0% A2A SpA (a)................... 98,383 248,196 Atlantia SpA.................. 18,541 376,851 Enel SpA...................... 299,216 2,475,531 Hera SpA...................... 66,095 180,389 Snam Rete Gas SpA (a)......... 63,308 379,712 Terna -- Rete Elettrica Nationale SpA............... 97,148 354,111 ------------ TOTAL ITALY................... 4,014,790 ------------ JAPAN -- 8.7% Chubu Electric Power Co., Inc. (a)......................... 37,900 887,124 Electric Power Development Co., Ltd. .................. 10,700 341,666 Hokkaido Electric Power Co., Inc. ....................... 10,600 219,658 Hokuriku Electric Power Co. (a)......................... 10,600 254,105 Kyushu Electric Power Co., Inc. ....................... 22,900 474,544 Osaka Gas Co., Ltd. .......... 105,000 358,028 Shikoku Electric Power Co., Inc. (a).................... 12,000 300,664 The Chugoku Electric Power Co., Inc. (a)............... 18,100 370,814 The Kansai Electric Power Co., Inc. (a).................... 46,700 1,033,721 The Tokyo Electric Power Co., Inc. (a).................... 65,900 1,607,696 Tohoku Electric Power Co., Inc. (a).................... 24,600 527,151 Tokyo Gas Co., Ltd. .......... 132,000 543,343 ------------ TOTAL JAPAN................... 6,918,514 ------------ PORTUGAL -- 1.3% Brisa-Auto Estradas de Portugal SA (a)............. 28,192 277,199 EDP -- Energias de Portugal S.A. (a).................... 178,253 735,876 ------------ TOTAL PORTUGAL................ 1,013,075 ------------ SOUTH KOREA -- 0.5% Korea Electric Power Corp. ADR (a)......................... 30,502 377,920 ------------ SPAIN -- 6.7% Abertis Infraestructuras SA (a)......................... 21,641 420,101 Cintra Concesiones de Infraestructuras de Transporte SA (a)........... 13,749 159,328 Enagas........................ 11,599 247,647 Gas Natural SDG SA............ 14,562 533,454 Iberdrola SA.................. 323,923 3,248,689 Union Fenosa SA............... 29,641 717,792 ------------ TOTAL SPAIN................... 5,327,011 ------------ UNITED KINGDOM -- 9.7% British Energy Group PLC...... 66,236 897,273 Centrica PLC.................. 240,491 1,346,002 Drax Group PLC................ 21,965 294,419 International Power PLC....... 97,624 629,480 National Grid PLC............. 158,755 2,020,425 Pennon Group PLC.............. 22,426 233,643 Scottish & Southern Energy PLC......................... 56,521 1,437,642 Severn Trent PLC.............. 15,276 368,677 United Utilities Group PLC.... 43,929 544,193 ------------ TOTAL UNITED KINGDOM.......... 7,771,754 ------------ UNITED STATES -- 36.2% Allegheny Energy, Inc. (a).... 10,843 398,697 Alliant Energy Corp. (a)...... 7,095 228,530 Ameren Corp. (a).............. 13,630 531,979 American Electric Power Co., Inc. ....................... 26,127 967,483 American Tower Corp. (Class A) (b)......................... 25,745 926,048 CenterPoint Energy, Inc. (a).. 22,189 323,294 Consolidated Edison, Inc. (a)......................... 17,591 755,709 Constellation Energy Group, Inc. (a).................... 11,495 279,328 Crown Castle International Corp. (b)(a)................ 13,690 396,599 Dominion Resources, Inc. (a).. 37,364 1,598,432 DTE Energy Co. (a)............ 10,503 421,380 Duke Energy Corp. ............ 81,386 1,418,558 Edison International (a)...... 21,202 845,960 El Paso Corp. (a)............. 45,409 579,419 Energen Corp. ................ 4,595 208,062 Entergy Corp. (a)............. 12,558 1,117,788 Equitable Resources, Inc. (a)......................... 8,424 308,992 Exelon Corp. (a).............. 42,851 2,683,330 FirstEnergy Corp. (a)......... 19,743 1,322,584 FPL Group, Inc. (a)........... 26,515 1,333,704 Integrys Energy Group, Inc. (a)......................... 4,898 244,606 Mirant Corp. (b)(a)........... 12,001 219,498
See accompanying notes to financial statements. 140 SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- National Fuel Gas Co. (a)..... 5,246 $ 221,276 NiSource, Inc. ............... 17,586 259,569 Northeast Utilities (a)....... 9,858 252,858 NRG Energy, Inc. (b)(a)....... 15,356 380,061 ONEOK, Inc. (a)............... 6,697 230,377 Pepco Holdings, Inc. (a)...... 12,953 296,753 PG&E Corp. (a)................ 22,992 861,050 Pinnacle West Capital Corp. (a)......................... 6,433 221,359 PPL Corp. (a)................. 24,184 895,292 Progress Energy, Inc. (a)..... 16,922 729,846 Public Service Enterprise Group, Inc. ................ 33,039 1,083,349 Reliant Energy, Inc. (a)(b)... 22,242 163,479 SCANA Corp. (a)............... 7,418 288,783 Sempra Energy (a)............. 16,165 815,847 Spectra Energy Corp. (a)...... 39,919 950,072 The AES Corp. (b)(a).......... 43,656 510,339 The Southern Co. (a).......... 49,818 1,877,640 The Williams Cos., Inc. ...... 37,838 894,869 Wisconsin Energy Corp. (a).... 7,533 338,232 Xcel Energy, Inc. (a)......... 27,675 553,223 ------------ TOTAL UNITED STATES........... 28,934,254 ------------ TOTAL COMMON STOCKS -- (Cost $97,770,162).......... 79,435,007 ------------ SHORT TERM INVESTMENTS -- 19.4% UNITED STATES -- 19.4% MONEY MARKET FUNDS -- 19.4% State Street Navigator Securities Lending Prime Portfolio (c)(d)............ 15,292,308 15,292,308 STIC Prime Portfolio.......... 236,467 236,467 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $15,528,775).......... 15,528,775 ------------ TOTAL INVESTMENTS -- 118.8% (Cost $113,298,937)......... 94,963,782 OTHER ASSETS AND LIABILITIES -- (18.8)%...... (15,019,891) ------------ NET ASSETS -- 100.0%.......... $ 79,943,891 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (d) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt See accompanying notes to financial statements. 141 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.7% ARGENTINA -- 0.1% Tenaris SA ADR................ 6,997 $ 260,918 ------------ AUSTRALIA -- 4.9% Alumina, Ltd. (a)............. 52,401 126,895 Amcor, Ltd. .................. 43,357 184,680 AMP, Ltd. .................... 44,077 242,680 Australia & New Zealand Banking Group, Ltd. ........ 31,909 471,934 Babcock & Brown, Ltd. (a)..... 10,515 16,132 BHP Billiton, Ltd. ........... 70,183 1,716,172 BlueScope Steel, Ltd. (a)..... 27,898 161,084 Boral, Ltd. (a)............... 36,876 178,017 Brambles, Ltd. ............... 37,108 225,385 CFS Retail Property Trust (a)......................... 221,862 393,761 Coca-Cola Amatil, Ltd. ....... 47,721 310,549 Commonwealth Bank of Australia (a)......................... 24,145 811,723 CSL, Ltd. .................... 14,637 430,653 Fortescue Metals Group, Ltd. (a)(b)...................... 22,308 82,000 Foster's Group, Ltd. ......... 57,415 249,995 Insurance Australia Group, Ltd. ....................... 53,605 173,363 Lend Lease Corp., Ltd. ....... 17,122 123,986 Macquarie Group, Ltd. (a)..... 6,314 184,278 Macquarie Infrastructure Group (a)......................... 96,597 176,012 Macquarie Office Trust (a).... 554,363 341,080 National Australia Bank, Ltd. ....................... 29,858 571,372 Newcrest Mining, Ltd. ........ 10,492 228,668 Origin Energy, Ltd. .......... 42,450 539,436 OZ Minerals, Ltd. (a)......... 40,024 50,672 Perpetual, Ltd. (a)........... 4,204 155,194 Qantas Airways, Ltd. ......... 46,154 113,952 QBE Insurance Group, Ltd. (a)......................... 17,308 361,797 Rio Tinto, Ltd. .............. 6,783 452,112 Santos, Ltd. ................. 32,709 492,795 Sonic Healthcare, Ltd. ....... 18,575 191,941 Suncorp-Metway, Ltd. ......... 20,445 149,981 Toll Holdings, Ltd. (a)....... 24,081 131,826 Transurban Group (a).......... 41,170 181,210 Virgin Blue Holdings, Ltd. (a)......................... 24,081 5,983 Wesfarmers, Ltd. (a).......... 14,613 328,282 Wesfarmers, Ltd. PPS.......... 2,012 44,755 Westfield Group (a)........... 29,030 381,037 Westpac Banking Corp. (a)..... 34,811 589,818 Woodside Petroleum, Ltd. ..... 12,979 522,130 Woolworths, Ltd. ............. 25,312 543,078 ------------ TOTAL AUSTRALIA............... 12,636,418 ------------ AUSTRIA -- 0.4% Boehler-Uddeholm AG (b)(c).... 196 19,343 Erste Bank der Oesterreichischen Sparkassen AG (a)...................... 4,345 210,256 OMV AG........................ 5,148 212,089 Raiffeisen International Bank- Holding AG.................. 2,921 205,026 Telekom Austria AG............ 10,519 183,069 Wienerberger AG (a)........... 3,941 105,068 ------------ TOTAL AUSTRIA................. 934,851 ------------ BELGIUM -- 0.6% Delhaize Group................ 2,325 133,882 Dexia SA (a).................. 14,332 150,986 Fortis........................ 31,375 189,505 InBev NV...................... 5,844 343,414 KBC Groep NV.................. 3,941 330,649 Solvay SA (a)................. 2,061 249,837 UCB SA........................ 3,460 120,968 ------------ TOTAL BELGIUM................. 1,519,241 ------------ BRAZIL -- 2.5% Banco Bradesco Preference Shares SA ADR (a)........... 39,768 640,265 Banco Itau Holding Financeira SA Preference Shares ADR (a)......................... 31,785 556,237 Companhia de Bebidas das Americas Preference Shares ADR......................... 5,551 303,140 Companhia Energetica de Minas Gerais ADR (a).............. 13,143 259,443 Companhia Siderurgica Nacional SA ADR (a).................. 15,443 328,318 Companhia Vale do Rio Doce Preference Shares ADR....... 74,389 1,316,685 Gerdau SA ADR (a)............. 34,678 384,926 Petroleo Brasileiro SA ADR.... 56,748 2,123,510 Tele Norte Leste Participacoes SA ADR...................... 6,302 110,033 Unibanco -- Uniao de Bancos Brasileiros SA GDR (a)...... 5,243 529,124 ------------ TOTAL BRAZIL.................. 6,551,681 ------------ CANADA -- 7.5% Agrium, Inc. ................. 6,175 345,572 Bank of Montreal (a).......... 10,837 468,360 Bank of Nova Scotia (a)....... 19,020 858,691 Barrick Gold Corp. ........... 20,322 744,872 Brookfield Asset Management, Inc. (Class A).............. 12,890 347,831 Brookfield Properties Corp. (a)......................... 10,207 159,556 Cameco Corp. ................. 8,600 186,527 Canadian Imperial Bank of Commerce (a)................ 7,258 416,966 Canadian National Railway Co. ........................ 11,857 566,308 Canadian Natural Resources, Ltd. ....................... 11,857 814,109 Canadian Pacific Railway, Ltd. ....................... 5,148 276,332 Canadian Tire Corp., Ltd. .... 3,800 175,132 Enbridge, Inc. ............... 10,519 389,615 EnCana Corp. ................. 17,632 1,127,042 Enerplus Resources Fund....... 6,719 245,580 Gildan Activewear, Inc. (a)(b)...................... 7,251 161,292 Goldcorp, Inc. ............... 16,301 513,163 Husky Energy, Inc. ........... 8,692 361,349 IGM Financial, Inc. (a)....... 7,302 263,798 Imperial Oil, Ltd. ........... 9,717 416,573 Loblaw Co., Ltd. ............. 6,895 192,609 Magna International, Inc. (Class A)................... 3,623 186,330 Manulife Financial Corp. ..... 30,657 1,103,790 MDS, Inc. (b)................. 11,946 142,808 National Bank of Canada....... 6,587 301,409 Nexen, Inc. .................. 8,447 196,239 Nortel Networks, Corp. (b).... 38 84 Onex Corp. ................... 11,681 301,803 Penn West Energy Trust........ 9,229 219,701 Petro-Canada.................. 11,994 399,349
See accompanying notes to financial statements. 142 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Potash Corp of Saskatchewan, Inc. ....................... 7,396 $ 959,769 Research In Motion, Ltd. (b).. 10,875 733,490 Rogers Communications, Inc. (Class B) (a)............... 10,387 337,245 Royal Bank of Canada.......... 24,977 1,186,361 Shaw Communications, Inc. .... 11,110 225,084 Shoppers Drug Mart Corp. ..... 7,073 341,609 SNC-Lavalin Group, Inc. ...... 9,544 345,422 Sun Life Financial, Inc. ..... 12,311 430,746 Suncor Energy, Inc. .......... 19,875 822,517 Talisman Energy, Inc. ........ 27,217 384,499 Teck Cominco, Ltd. (Class B).. 10,023 284,890 TELUS Corp. .................. 4,803 175,595 TELUS Corp. (Non-Voting)...... 345 12,366 Thomson Corp. ................ 8,366 227,641 TMX Group, Inc. (a)........... 5,331 145,409 TransAlta Corp. .............. 13,293 357,581 TransCanada Corp. (a)......... 12,579 451,599 ------------ TOTAL CANADA.................. 19,304,613 ------------ CHILE -- 0.3% Empresa Nacional de Electricidad SA ADR (a)..... 11,044 491,569 Enersis SA ADR................ 19,132 312,234 ------------ TOTAL CHILE................... 803,803 ------------ CHINA -- 4.0% Bank of China, Ltd. .......... 613,000 232,904 Bank of Communications Co., Ltd. ....................... 222,000 198,144 Bank of East Asia, Ltd. ...... 109,724 339,162 Cheung Kong Holdings, Ltd. ... 44,000 488,772 China Construction Bank Corp. ...................... 572,000 371,297 China COSCO Holdings Co., Ltd. ....................... 80,500 71,227 China Life Insurance Co., Ltd. ....................... 176,000 647,163 China Merchants Holdings International Co., Ltd. .... 89,351 280,792 China Mobile, Ltd. ........... 93,000 921,095 China Petroleum & Chemical Corp. ...................... 440,000 341,716 China Resources Enterprise.... 88,000 210,583 China Telecom Corp., Ltd. .... 440,000 177,375 Citic Pacific, Ltd. .......... 88,000 252,745 CNOOC, Ltd. .................. 352,000 401,218 COSCO Pacific, Ltd. .......... 100,000 112,823 Esprit Holdings, Ltd. ........ 22,000 134,164 Guangzhou R&F Properties Co., Ltd. ....................... 143,600 128,539 Hang Lung Properties, Ltd. ... 88,000 202,649 Henderson Land Development Co., Ltd. .................. 42,000 183,918 Hong Kong & China Gas Co., Ltd. ....................... 212,420 480,413 Hong Kong Exchanges and Clearing, Ltd. ............. 33,600 402,888 Huaneng Power International, Inc. ....................... 176,000 115,379 Hutchison Whampoa, Ltd. ...... 44,000 333,215 Industrial & Commercial Bank of China.................... 902,000 532,068 Li & Fung, Ltd. .............. 88,000 210,583 Mongolia Energy Co., Ltd. (b)......................... 105,000 55,311 New World Development Co., Ltd. ....................... 268,025 291,694 PCCW, Ltd. ................... 392,000 161,559 PetroChina Co., Ltd. ......... 440,000 453,354 Ping An Insurance Group Co. of China, Ltd. ................ 44,000 249,061 Shangri-La Asia, Ltd. ........ 114,000 161,507 Sun Hung Kai Properties, Ltd. ....................... 44,000 444,287 Swire Pacific, Ltd. .......... 44,000 381,951 The Link REIT................. 113,900 235,007 Zijin Mining Group Co., Ltd. ....................... 174,000 86,951 ------------ TOTAL CHINA................... 10,291,514 ------------ DENMARK -- 0.7% A P Moller -- Maersk A/S...... 44 376,068 Danisco A/S................... 3,267 181,131 Danske Bank A/S............... 8,366 196,479 DSV A/S....................... 11,555 180,010 Novo Nordisk A/S (Class B).... 11,550 589,264 Vestas Wind Systems A/S (b)... 4,836 410,602 ------------ TOTAL DENMARK................. 1,933,554 ------------ FINLAND -- 1.2% Elisa Oyj..................... 7,390 142,626 Fortum Oyj.................... 11,022 365,067 Kesko Oyj (Class B)........... 4,477 112,692 Kone Oyj (Class B)............ 8,146 217,403 Metso Oyj..................... 4,748 113,845 Neste Oil Oyj (a)............. 7,073 144,754 Nokia Oyj..................... 68,347 1,238,447 Outokumpu Oyj................. 6,030 93,679 Sampo Oyj (Class A)........... 11,769 261,526 Stora Enso Oyj................ 17,636 169,195 UPM-Kymmene Oyj............... 8,605 132,232 Wartsila Oyj (Class B)........ 3,267 135,192 YIT Oyj....................... 8,144 83,508 ------------ TOTAL FINLAND................. 3,210,166 ------------ FRANCE -- 7.5% Accor SA...................... 5,060 265,644 Air France-KLM (a)............ 4,748 106,675 Air Liquide SA (a)............ 5,520 600,250 Alcatel-Lucent (a)(b)......... 48,740 184,644 Alstom........................ 4,738 351,163 AXA (a)....................... 22,638 728,026 BNP Paribas SA (a)............ 16,121 1,496,340 Bouygues SA................... 5,060 225,664 Cap Gemini SA................. 3,489 162,707 Carrefour SA.................. 12,535 582,801 Cie de Saint-Gobain (a)....... 6,631 336,663 Cie Generale des Etablissements Michelin..... 3,579 228,488 Credit Agricole SA............ 15,399 289,953 Essilor International SA (a).. 7,344 362,186 France Telecom SA............. 35,400 984,548 GDF Suez...................... 19,845 1,017,448 Groupe Danone (a)............. 9,759 685,399 Hermes International (a)...... 2,149 345,659 L'Oreal SA (a)................ 5,999 583,535 Lafarge SA.................... 3,179 329,501 Lagardere SCA................. 4,030 179,417 LVMH Moet Hennessy Louis Vuitton SA.................. 4,880 423,277 Neopost SA (a)................ 1,840 171,485 Pernod -- Ricard SA........... 4,051 351,543
See accompanying notes to financial statements. 143 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PPR (a)....................... 1,531 $ 134,805 PSA Peugeot Citroen........... 4,345 160,942 Publicis Groupe (a)........... 5,287 164,049 Renault SA.................... 4,074 254,968 Sanofi-Aventis................ 20,410 1,334,538 Schneider Electric SA......... 5,460 462,042 Societe Generale.............. 10,083 878,112 Sodexho....................... 3,135 183,189 Technip SA.................... 3,267 180,669 Total SA...................... 42,122 2,519,317 Unibail-Rodamco (a)........... 1,439 287,266 Valeo SA (a).................. 4,433 132,320 Vallourec SA.................. 985 209,004 Veolia Environnement.......... 6,492 263,220 Vinci SA...................... 9,867 457,092 Vivendi SA.................... 24,162 747,340 ------------ TOTAL FRANCE.................. 19,361,889 ------------ GERMANY -- 6.8% Adidas AG..................... 6,939 367,457 Allianz SE.................... 8,778 1,187,134 BASF SE....................... 19,074 904,240 Bayer AG...................... 15,170 1,103,783 Commerzbank AG................ 13,785 201,376 Continental AG (b)............ 3,311 328,393 Daimler AG.................... 19,020 945,762 Deutsche Bank AG.............. 10,563 734,967 Deutsche Boerse AG............ 5,365 481,321 Deutsche Lufthansa AG......... 8,275 160,404 Deutsche Post AG.............. 16,965 352,206 Deutsche Telekom AG........... 59,129 894,508 E.ON AG....................... 37,329 1,865,609 Fresenius Medical Care AG & Co. KGaA.................... 5,112 263,312 Hypo Real Estate Holding AG (a)......................... 12,015 70,039 Infineon Technologies AG (b).. 18,443 101,422 Linde AG...................... 2,913 308,845 MAN AG (a).................... 3,223 214,136 Merck KGaA.................... 1,771 187,568 Metro AG...................... 4,074 203,322 Muenchener Rueckversicherungs- Gesellschaft AG............. 4,345 648,221 RWE AG........................ 9,758 925,194 Salzgitter AG................. 1,349 134,081 SAP AG........................ 18,575 982,862 Siemens AG.................... 16,922 1,562,844 ThyssenKrupp AG............... 8,100 239,272 TUI AG (a).................... 8,322 136,241 Volkswagen AG (a)............. 5,148 2,010,329 ------------ TOTAL GERMANY................. 17,514,848 ------------ GREECE -- 0.5% Hellenic Telecommunications Organization SA ADR (a)..... 26,717 240,453 National Bank of Greece SA ADR (a)......................... 119,294 984,175 ------------ TOTAL GREECE.................. 1,224,628 ------------ HUNGARY -- 0.3% MOL Hungarian Oil and Gas NyRt........................ 2,771 250,134 Richter Gedeon NyRt........... 2,594 469,141 ------------ TOTAL HUNGARY................. 719,275 ------------ INDIA -- 1.4% Dr Reddy's Laboratories, Ltd. ADR......................... 17,553 195,716 HDFC Bank, Ltd. ADR (a)....... 4,610 391,620 ICICI Bank, Ltd. ADR (a)...... 21,016 494,296 Infosys Technologies, Ltd. ADR......................... 15,682 522,367 Reliance Industries, Ltd. GDR (d)......................... 7,981 648,855 Satyam Computer Services, Ltd. ADR (a)..................... 40,840 659,566 Tata Motors, Ltd. ADR (a)..... 82,466 631,690 ------------ TOTAL INDIA................... 3,544,110 ------------ INDONESIA -- 0.3% PT Astra International Tbk.... 191,500 347,259 PT Bank Rakyat Indonesia...... 620,050 355,065 PT Telekomunikasi Indonesia Tbk......................... 242,000 183,489 ------------ TOTAL INDONESIA............... 885,813 ------------ IRELAND -- 0.3% Allied Irish Banks PLC........ 16,965 140,596 Bank of Ireland............... 21,566 119,656 CRH PLC....................... 12,148 255,955 Elan Corp. PLC (b)............ 8,222 82,576 Elan Corp. PLC (b)............ 2,164 22,342 Irish Life & Permanent PLC.... 11,637 79,278 ------------ TOTAL IRELAND................. 700,403 ------------ ISRAEL -- 0.5% Bank Hapoalim BM.............. 68,420 211,130 Bank Leumi Le-Israel BM....... 80,011 284,048 Teva Pharmaceutical Industries, Ltd. ADR (a).... 17,822 816,069 ------------ TOTAL ISRAEL.................. 1,311,247 ------------ ITALY -- 2.7% Assicurazioni Generali SpA (a)......................... 20,146 661,609 Atlantia SpA.................. 13,075 265,753 Banca Monte dei Paschi di Siena SpA (a)............... 66,154 161,686 Banca Popolare di Milano Scarl....................... 16,830 140,187 Enel SpA...................... 84,011 695,056 Eni SpA....................... 49,733 1,299,349 Fiat SpA...................... 14,332 188,632 Finmeccanica SpA.............. 9,937 212,720 Intesa Sanpaolo SpA........... 164,970 890,983 Lottomatica SpA............... 13,251 344,341 Mediaset SpA (a).............. 25,379 159,438 Mediobanca SpA................ 13,647 182,012 Pirelli & C. SpA.............. 208,786 121,121 Saipem SpA.................... 9,038 265,457 Seat Pagine Gialle SpA (a)(b)...................... 2 -- Telecom Italia SpA............ 295,231 436,261 UniCredit SpA................. 174,197 635,572 Unione di Banche Italiane ScpA........................ 21,102 457,063 ------------ TOTAL ITALY................... 7,117,240 ------------ JAPAN -- 15.9% Aeon Co., Ltd. (a)............ 13,200 130,925 Aisin Seiki Co., Ltd. ........ 4,400 104,648 Asahi Breweries, Ltd. (a)..... 13,200 228,776 Asahi Glass Co., Ltd. ........ 44,000 379,635 Asahi Kasei Corp. (a)......... 44,000 181,943 Astellas Pharma, Inc. (a)..... 13,200 543,343
See accompanying notes to financial statements. 144 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Bridgestone Corp. (a)......... 13,200 $ 243,696 Canon, Inc. .................. 18,400 662,064 Central Japan Railway Co. .... 44 412,377 Chubu Electric Power Co., Inc. (a)......................... 13,200 308,972 Credit Saison Co., Ltd. ...... 15,300 243,699 Daiichi Sankyo Co., Ltd. (a).. 17,600 446,776 Daikin Industries, Ltd. ...... 11,900 388,951 Daiwa Securities Group, Inc. (a)......................... 44,000 305,864 Denso Corp. (a)............... 8,800 210,540 East Japan Railway Co. ....... 78 577,478 Eisai Co., Ltd. (a)........... 4,400 169,510 Electric Power Development Co., Ltd. .................. 4,400 140,498 Elpida Memory, Inc. (a)(b).... 4,400 79,533 Fanuc, Ltd. .................. 4,400 320,784 FUJIFILM Holdings Corp. (a)... 13,200 334,461 Fujitsu, Ltd. ................ 44,000 241,624 Hankyu Hanshin Holdings, Inc. (a)......................... 44,000 201,008 Hitachi, Ltd. ................ 88,000 595,149 Hokuhoku Financial Group, Inc. ....................... 77,000 165,365 Honda Motor Co., Ltd. ........ 30,800 896,454 Hoya Corp. (a)................ 8,800 170,753 Ibiden Co., Ltd. (a).......... 4,400 103,198 Inpex Holdings, Inc. (a)...... 44 371,347 Itochu Corp. (a).............. 44,000 257,787 Japan Real Estate Investment Corp. ...................... 49 385,852 Japan Retail Fund Investment Corp. (a)................... 44 177,384 Japan Tobacco, Inc. .......... 98 363,698 JFE Holdings, Inc. (a)........ 13,200 395,385 JS Group Corp. ............... 8,800 109,415 JSR Corp. (a)................. 8,800 113,725 Kajima Corp. (a).............. 44,000 129,723 Kamigumi Co., Ltd. ........... 44,000 324,928 Kawasaki Kisen Kaisha, Ltd. (a)......................... 44,000 261,932 KDDI Corp. (a)................ 52 288,494 Keihin Electric Express Railway Co., Ltd. (a)....... 68,000 441,954 Kintetsu Corp. (a)............ 102,000 353,563 Kobe Steel, Ltd. ............. 88,000 171,582 Komatsu, Ltd. ................ 22,000 347,101 Konica Minolta Holdings, Inc. (a)......................... 22,000 245,976 Kubota Corp. (a).............. 44,000 268,563 Kyocera Corp. (a)............. 4,400 326,586 Makita Corp. (a).............. 4,400 87,034 Marubeni Corp. ............... 52,000 229,228 Marui Group Co., Ltd. (a)..... 17,600 129,308 Matsushita Electric Industrial Co., Ltd. .................. 44,000 743,936 Mitsubishi Chemical Holdings Corp. (a)................... 44,000 229,190 Mitsubishi Corp. (a).......... 29,700 602,868 Mitsubishi Electric Corp. (a)......................... 44,000 286,384 Mitsubishi Estate Co., Ltd. .. 44,000 833,043 Mitsubishi Heavy Industries, Ltd. ....................... 88,000 369,689 Mitsubishi Rayon Co., Ltd. (a)......................... 44,000 106,513 Mitsubishi UFJ Financial Group, Inc. ................ 179,000 1,505,647 Mitsui & Co., Ltd. ........... 46,000 553,742 Mitsui Chemicals, Inc. (a).... 44,000 189,818 Mitsui Mining & Smelting Co., Ltd. (a).................... 44,000 100,711 Mitsui OSK Lines, Ltd. ....... 44,000 366,373 Mitsui Sumitomo Insurance Group Holdings, Inc. ....... 14,100 463,514 Mizuho Financial Group, Inc. ....................... 183 761,890 Murata Manufacturing Co., Ltd. (a)......................... 4,400 172,825 NEC Corp. (a)................. 44,000 182,358 Nidec Corp. (a)............... 4,400 264,419 Nintendo Co., Ltd. ........... 1,500 613,196 Nippon Mining Holdings, Inc. ....................... 22,000 86,827 Nippon Oil Corp. (a).......... 44,000 217,586 Nippon Steel Corp. (a)........ 134,000 488,466 Nippon Telegraph & Telephone Corp. ...................... 88 388,753 Nippon Yusen KK............... 44,000 276,852 Nissan Motor Co., Ltd. (a).... 44,000 288,871 Nitto Denko Corp. ............ 4,400 109,207 Nomura Holdings, Inc. (a)..... 35,200 439,648 NTT Data Corp. (a)............ 44 171,582 NTT DoCoMo, Inc. ............. 352 556,688 Obayashi Corp. (a)............ 44,000 216,757 Omron Corp. (a)............... 8,800 133,453 ORIX Corp. ................... 1,760 208,551 Osaka Gas Co., Ltd. .......... 88,000 300,061 Resona Holdings, Inc. (a)..... 98 125,633 Rohm Co., Ltd. ............... 4,400 236,651 Secom Co., Ltd. .............. 4,400 180,285 Seven & I Holdings Co., Ltd. (a)......................... 17,600 496,510 Sharp Corp. .................. 44,000 466,670 Shin-Etsu Chemical Co., Ltd. ....................... 8,800 405,331 Softbank Corp. (a)............ 18,900 239,087 Sompo Japan Insurance, Inc. .. 44,000 359,327 Sony Corp. ................... 22,000 656,902 Sumitomo Chemical Co., Ltd. .. 44,000 188,574 Sumitomo Corp. (a)............ 22,000 199,143 Sumitomo Electric Industries, Ltd. (a).................... 17,600 187,828 Sumitomo Metal Industries, Ltd. ....................... 88,000 262,761 Sumitomo Mitsui Financial Group, Inc. (a)............. 132 783,309 T&D Holdings, Inc. ........... 4,400 226,289 Takeda Pharmaceutical Co., Ltd. (a).................... 17,600 870,343 TDK Corp. (a)................. 4,400 213,027 Teijin, Ltd. (a).............. 44,000 129,308 Terumo Corp. ................. 7,300 374,747 The 77 Bank, Ltd. ............ 69,000 337,965 The Bank of Yokohama, Ltd. (a)......................... 44,000 208,054 The Chiba Bank, Ltd. (a)...... 44,000 221,316 The Furukawa Electric Co., Ltd. ....................... 44,000 188,160 The Joyo Bank, Ltd. (a)....... 46,000 204,079 The Kansai Electric Power Co., Inc. (a).................... 13,200 292,187 The Shizuoka Bank, Ltd. (a)... 53,000 509,207 The Sumitomo Trust & Banking Co., Ltd. .................. 44,000 277,681 The Tokyo Electric Power Co., Inc. (a).................... 22,000 536,712 Tokio Marine Holdings, Inc. .. 13,200 465,012 Tokyo Electron, Ltd. (a)...... 4,400 193,133 Tokyo Gas Co., Ltd. .......... 44,000 181,114 Tokyu Corp. .................. 44,000 206,396 Toppan Printing Co., Ltd. (a)......................... 44,000 339,019 Toray Industries, Inc. (a).... 44,000 201,837 Toshiba Corp. (a)............. 44,000 186,917 Toyota Motor Corp. ........... 55,700 2,297,989
See accompanying notes to financial statements. 145 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Toyota Tsusho Corp. .......... 5,400 $ 68,819 West Japan Railway Co. ....... 73 310,799 Yahoo! Japan Corp. (a)........ 571 181,253 Yamada Denki Co., Ltd. (a).... 2,640 196,698 Yamaha Corp. (a).............. 8,800 148,124 Yamaha Motor Co., Ltd. ....... 8,800 117,455 ------------ TOTAL JAPAN................... 41,269,658 ------------ LUXEMBOURG -- 0.3% ArcelorMittal................. 14,319 706,979 ------------ MEXICO -- 1.1% America Movil SAB de CV (a)... 405,157 935,142 Cemex SAB de CV............... 186,135 320,181 Fomento Economico Mexicano SAB de CV....................... 42,140 160,431 Grupo Financiero Banorte SAB de CV (a)................... 93,927 298,347 Grupo Modelo SAB de CV........ 53,581 226,761 Grupo Televisa SA de CV....... 83,019 363,662 Telefonos de Mexico SA de CV.. 315,104 401,501 Telmex Internacional SAB de CV (a)......................... 300,720 197,061 ------------ TOTAL MEXICO.................. 2,903,086 ------------ NETHERLANDS -- 3.7% Aegon NV (a).................. 24,145 210,275 Akzo Nobel NV................. 6,851 323,486 ASML Holding NV............... 10,814 188,506 European Aeronautic Defence and Space Co. NV (a)........ 7,703 129,840 Fortis VVPR Strip (b)......... 5,332 75 Heineken NV................... 5,728 228,059 ING Groep NV.................. 35,084 735,762 James Hardie Industries NV ADR......................... 24,385 95,597 Koninklijke (Royal) Philips Electronics NV.............. 25,821 692,203 Koninklijke Ahold NV.......... 29,363 335,196 Koninklijke DSM NV............ 5,506 257,968 Koninklijke Royal KPN NV...... 43,907 628,581 Reed Elsevier NV (a).......... 21,846 323,093 Royal Dutch Shell PLC (Class A).......................... 74,973 2,162,223 Royal Dutch Shell PLC (Class B).......................... 54,692 1,538,324 SBM Offshore NV (a)........... 8,476 178,825 TNT NV........................ 10,837 296,833 Unilever NV................... 35,354 986,248 Wolters Kluwer NV............. 9,527 190,494 ------------ TOTAL NETHERLANDS............. 9,501,588 ------------ NORWAY -- 0.6% DnB NOR ASA................... 19,516 146,561 Norsk Hydro ASA............... 17,405 114,075 Orkla ASA (a)................. 31,106 278,319 StatoilHydro ASA.............. 21,002 493,408 Storebrand ASA................ 19,499 112,463 Telenor ASA................... 17,449 211,904 Yara International ASA........ 8,867 304,450 ------------ TOTAL NORWAY.................. 1,661,180 ------------ POLAND -- 0.2% Telekomunikacja Polska SA GDR......................... 59,400 562,080 ------------ PORTUGAL -- 0.2% Banco Comercial Portugues SA (a)......................... 144,979 232,562 Portugal Telecom, SGPS SA (a)......................... 33,791 337,236 ------------ TOTAL PORTUGAL................ 569,798 ------------ RUSSIA -- 1.5% Gazprom OAO ADR............... 50,697 1,569,072 LUKOIL ADR (a)................ 11,994 705,247 Mechel OAO ADR (a)............ 9,747 175,056 Mobile Telesystems OJSC ADR... 8,427 471,996 Tatneft GDR................... 5,235 370,638 Unified Energy System ADR (c)......................... 600 54,000 Vimpel-Communications ADR (a)......................... 30,659 622,378 ------------ TOTAL RUSSIA.................. 3,968,387 ------------ SINGAPORE -- 1.0% CapitaLand, Ltd. ............. 81,000 173,365 DBS Group Holdings, Ltd. ..... 44,000 516,416 Fraser and Neave, Ltd. ....... 88,000 218,507 Singapore Exchange, Ltd. ..... 88,000 377,310 Singapore Press Holdings, Ltd. (a)......................... 132,000 367,462 Singapore Telecommunications, Ltd. ....................... 132,000 300,063 United Overseas Bank, Ltd. ... 47,000 552,284 ------------ TOTAL SINGAPORE............... 2,505,407 ------------ SOUTH AFRICA -- 1.3% Anglo Platinum, Ltd. ......... 1,664 149,507 AngloGold Ashanti, Ltd. ...... 5,582 129,428 Barloworld, Ltd. ............. 17,758 138,321 Discovery Holdings, Ltd. ..... 1 3 FirstRand, Ltd. .............. 88,164 177,911 Gold Fields, Ltd. ............ 21,346 207,514 Harmony Gold Mining Co., Ltd. (b)......................... 38,486 384,597 Impala Platinum Holdings, Ltd. ....................... 13,293 266,481 Kumba Iron Ore, Ltd. ......... 6,400 146,076 MTN Group, Ltd. .............. 32,041 444,979 Naspers, Ltd. ................ 9,273 180,294 Sanlam, Ltd. ................. 86,694 184,263 Sasol, Ltd. .................. 13,785 582,487 Standard Bank Group, Ltd. .... 26,938 304,265 Telkom SA, Ltd. .............. 10,207 129,574 ------------ TOTAL SOUTH AFRICA............ 3,425,700 ------------ SOUTH KOREA -- 2.5% Hana Financial Group, Inc. ... 6,680 152,478 Hyundai Development Co. ...... 2,900 104,520 Hyundai Heavy Industries...... 1,286 286,618 Hyundai Mobis................. 1,782 135,686 Kia Motors Corp. (b).......... 17,040 206,832 KB Financial.................. 9,376 423,375 Korea Electric Power Corp. ADR......................... 12,715 157,539 KT Corp. ADR.................. 9,141 153,477 KT Freetel Co., Ltd. (b)...... 5,160 126,975 KT&G Corp. ................... 3,500 260,408 LG Electronics, Inc. ......... 3,500 313,186 NHN Corp. (b)................. 1,226 152,367 POSCO ADR (a)................. 6,719 627,353 Samsung Corp. ................ 6,278 268,920 Samsung Electro-Mechanics Co., Ltd. ....................... 5,010 154,831 Samsung Electronics Co., Ltd. GDR (d)..................... 5,659 1,267,616
See accompanying notes to financial statements. 146 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Samsung Fire & Marine Insurance Co., Ltd. ........ 1,286 $ 219,492 Samsung Heavy Industries Co., Ltd. ....................... 6,790 174,398 Samsung Securities Co., Ltd. (a)......................... 7,278 437,180 Shinhan Financial Group Co., Ltd. ....................... 7,874 273,351 Shinsegae Co., Ltd. .......... 356 165,767 SK Energy Co., Ltd. .......... 1,352 99,696 SK Holdings Co., Ltd. ........ 1,351 122,009 SK Telecom Co., Ltd. ADR (a).. 10,519 197,968 ------------ TOTAL SOUTH KOREA............. 6,482,042 ------------ SPAIN -- 3.7% Abertis Infraestructuras SA (a)......................... 14,194 275,538 Acciona SA (a)................ 1,753 261,748 Acerinox SA (a)............... 15,640 275,927 ACS Actividades de Construccion y Servicios (a)......................... 7,658 306,246 Banco Bilbao Vizcaya Argentaria SA............... 67,488 1,086,374 Banco Popular Espanol SA (a).. 41,365 481,677 Banco Santander SA............ 111,947 1,651,087 Gamesa Corp. Tecnologica SA... 9,141 308,415 Gas Natural SDG SA............ 6,895 252,587 Grupo Ferrovial SA (a)........ 2,635 119,328 Iberdrola SA.................. 70,966 711,732 Indra Sistemas, SA (a)........ 12,528 295,285 Industria de Desino Textil SA (a)......................... 5,955 248,348 Mapfre SA (a)................. 44,583 192,254 Repsol YPF SA................. 19,968 586,204 Telefonica SA................. 89,075 2,100,752 Union Fenosa SA............... 13,035 315,658 ------------ TOTAL SPAIN................... 9,469,160 ------------ SWEDEN -- 1.5% Assa Abloy AB (Class B) (a)... 11,769 139,248 Atlas Copco AB (Class B)...... 27,128 267,477 Hennes & Mauritz AB (Class B) (a)......................... 9,758 389,047 Husqvarna AB (Class B) (a).... 14,676 107,869 Nordea Bank AB................ 44,763 520,638 Sandvik AB.................... 24,297 250,889 Securitas AB (Class B)........ 14,729 162,124 Skandinaviska Enskilda Banken AB (a)...................... 11,325 170,133 Skanska AB (Class B) (a)...... 14,596 162,230 SKF AB (Class B).............. 14,200 177,175 Svenska Handelsbanken AB (Class A)................... 12,443 271,247 Tele2 AB (Class B)............ 18,187 202,795 Telefonaktiebolaget LM Ericsson (Class B).......... 63,985 587,292 TeliaSonera AB (a)............ 43,100 241,685 Volvo AB ADR (Class A) (a).... 18,453 152,832 ------------ TOTAL SWEDEN.................. 3,802,681 ------------ SWITZERLAND -- 5.7% ABB, Ltd. (b)................. 44,316 834,741 Adecco SA..................... 3,636 156,433 Cie Financiere Richemont SA (Class A)................... 11,462 499,881 Credit Suisse Group AG........ 22,359 995,063 Geberit AG (a)................ 1,345 163,619 Givaudan SA................... 315 261,411 Holcim, Ltd. ................. 4,606 332,741 Kuehne & Nagel International AG.......................... 4,431 291,053 Logitech International SA (b)......................... 5,684 127,545 Nestle SA..................... 79,240 3,406,348 Nobel Biocare Holding AG...... 3,760 124,277 Novartis AG................... 41,604 2,172,499 Roche Holding AG.............. 14,244 2,216,792 SGS SA........................ 192 223,979 Swatch Group AG............... 1,393 252,821 Syngenta AG................... 2,502 529,297 UBS AG (b).................... 53,509 880,960 Xstrata PLC................... 12,935 395,640 Zurich Financial Services AG.. 2,961 808,086 ------------ TOTAL SWITZERLAND............. 14,673,186 ------------ TAIWAN -- 1.8% AU Optronics Corp. ADR (a).... 82,797 940,574 Taiwan Semiconductor Manufacturing Co., Ltd. ADR (a)......................... 277,611 2,601,215 United Microelectronics Corp. ADR (a)..................... 545,785 1,064,281 ------------ TOTAL TAIWAN.................. 4,606,070 ------------ THAILAND -- 0.5% Bangkok Bank PCL.............. 361,000 1,088,121 PTT PCL....................... 34,400 231,773 ------------ TOTAL THAILAND................ 1,319,894 ------------ TURKEY -- 0.2% Akbank TAS.................... 36,593 188,579 Turkiye Garanti Bankasi AS.... 115,212 277,379 Turkiye Is Bankasi............ 46,819 197,075 ------------ TOTAL TURKEY.................. 663,033 ------------ UNITED KINGDOM -- 14.5% 3i Group PLC.................. 10,924 137,858 Anglo American PLC............ 28,123 929,871 AstraZeneca PLC............... 29,332 1,286,156 Aviva PLC..................... 29,675 253,892 BAE Systems PLC............... 69,240 508,477 Barclays PLC.................. 162,035 942,994 BG Group PLC.................. 70,669 1,276,014 BHP Billiton PLC.............. 51,291 1,151,023 BP PLC........................ 396,426 3,278,666 British American Tobacco PLC.. 31,562 1,032,328 British Land Co. PLC.......... 11,149 147,951 British Sky Broadcasting Group PLC......................... 29,097 214,976 BT Group PLC.................. 169,812 487,619 Burberry Group PLC............ 17,141 119,157 Cable & Wireless PLC.......... 59,797 176,398 Cadbury PLC................... 30,595 308,390 Capita Group PLC.............. 18,930 235,517 Carnival PLC.................. 5,012 148,388 Centrica PLC.................. 79,309 443,884 Cobham PLC.................... 62,848 212,732 Compass Group PLC............. 54,421 333,689 Diageo PLC.................... 55,477 934,462 Enterprise Inns PLC........... 19,064 60,655 Experian Group, Ltd. ......... 24,208 158,575 FirstGroup PLC................ 18,132 172,101 G4S PLC....................... 47,177 170,283 GKN PLC....................... 31,376 109,475 GlaxoSmithKline PLC........... 116,996 2,525,412
See accompanying notes to financial statements. 147 SPDR MSCI ACWI EX-US ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Hammerson PLC................. 9,141 $ 158,209 Hays PLC...................... 59,085 84,253 HBOS PLC...................... 115,448 251,875 Home Retail Group PLC......... 845 3,494 HSBC Holdings PLC............. 226,974 3,645,171 ICAP PLC...................... 20,190 127,756 IMI PLC....................... 26,231 174,515 Imperial Tobacco Group PLC.... 21,611 692,213 Inchcape PLC.................. 19,291 64,472 Intercontinental Hotels Group PLC......................... 9,013 110,529 International Power PLC....... 36,931 238,131 ITV PLC....................... 110,017 82,362 J Sainsbury PLC............... 39,357 244,128 Land Securities Group PLC..... 10,207 227,418 Lloyds TSB Group PLC.......... 113,733 459,168 Man Group PLC................. 35,526 213,241 Marks & Spencer Group PLC..... 37,820 135,836 National Grid PLC............. 56,531 719,452 Next PLC...................... 7,570 137,495 Old Mutual PLC................ 116,282 159,595 Pearson PLC................... 20,322 217,338 Prudential PLC................ 50,202 454,124 Reckitt Benckiser PLC......... 13,406 647,807 Reed Elsevier PLC............. 29,604 292,860 Rentokil Initial PLC.......... 78,368 96,384 Rio Tinto PLC................. 21,533 1,332,221 Rolls-Royce Group PLC (b)..... 41,700 250,114 Royal & Sun Alliance Insurance Group PLC................... 73,470 195,125 Royal Bank of Scotland Group PLC......................... 242,305 773,094 SABMiller PLC................. 19,196 371,585 Scottish & Southern Energy PLC......................... 19,284 490,499 Severn Trent PLC.............. 9,585 231,328 Smith & Nephew PLC............ 28,194 297,003 Smiths Group PLC.............. 11,425 206,089 Standard Life PLC............. 53,824 230,252 Tate & Lyle PLC............... 18,192 123,544 Tesco PLC..................... 163,137 1,127,076 The Sage Group PLC............ 43,012 149,730 Thomson Reuters PLC (a)....... 4,455 98,545 Tomkins PLC................... 41,693 114,260 Unilever PLC.................. 26,827 727,786 United Utilities Group PLC.... 19,818 245,506 Vodafone Group PLC............ 1,140,066 2,493,399 Whitbread PLC................. 7,390 139,363 William Hill PLC.............. 18,000 74,916 Wolseley PLC.................. 15,170 112,688 WPP Group PLC................. 28,372 226,561 ------------ TOTAL UNITED KINGDOM.......... 37,405,453 ------------ TOTAL COMMON STOCKS -- (Cost $358,037,851)......... 255,321,594 ------------ PREFERRED STOCKS -- 0.1% GERMANY -- 0.1% Porsche Automobil Holding SE (Cost $422,961)............. 2,208 235,091 ------------ RIGHTS -- 0.0% (E) AUSTRALIA -- 0.0% (E) Alumina Limited (expired 9/19/08) (b)(c) (Cost $0)................... 13,789 761 ------------ SHORT TERM INVESTMENTS -- 11.1% UNITED STATES -- 11.1% MONEY MARKET FUNDS -- 11.1% State Street Navigator Securities Lending Prime Portfolio (f)(g)............ 28,071,322 28,071,322 STIC Prime Portfolio.......... 645,605 645,605 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $28,716,927).......... 28,716,927 ------------ TOTAL INVESTMENTS -- 109.9% (Cost $387,177,739)......... 284,274,373 OTHER ASSETS AND LIABILITIES -- (9.9)%....... (25,635,553) ------------ NET ASSETS -- 100.0%.......... $258,638,820 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (d) Security purchased pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 0.74% of net assets as of September 30, 2008, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. (e) Amount shown represents less than 0.05% of net assets. (f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (g) Investments of cash collateral for securities loaned. ADR = American Depositary Receipt GDR = Global Depositary Receipt REIT = Real Estate Investment Trust See accompanying notes to financial statements. 148 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.0% JAPAN -- 99.0% AIR FREIGHT & LOGISTICS -- 0.2% Yamato Holdings Co., Ltd. (a).. 4,180 $ 46,302 ----------- AIRLINES -- 0.5% All Nippon Airways Co., Ltd. .. 18,000 63,580 Japan Airlines Corp. (a) (b)... 24,000 48,830 ----------- 112,410 ----------- AUTO COMPONENTS -- 1.9% Aisin Seiki Co., Ltd. ......... 1,968 46,806 Bridgestone Corp. (a).......... 6,303 116,365 Denso Corp. (a)................ 2,947 70,507 FCC Co., Ltd. ................. 1,384 17,938 Futaba Industrial Co., Ltd. (a).......................... 808 9,902 Keihin Corp. (a)............... 856 9,700 NGK Spark Plug Co., Ltd. ...... 160 1,531 NHK Spring Co., Ltd. .......... 2,340 12,585 Nissin Kogyo Co., Ltd. (a)..... 916 11,743 NOK Corp. (a).................. 1,916 20,989 Showa Corp. ................... 4,712 28,050 Stanley Electric Co., Ltd. .... 1,144 16,401 Sumitomo Rubber Industries, Inc. (a)..................... 3,008 26,123 Tokai Rika Co., Ltd. .......... 220 2,717 Toyo Tire & Rubber Co., Ltd. .. 3,851 10,338 Toyoda Gosei Co., Ltd. ........ 68 1,121 Toyota Boshoku Corp. .......... 100 1,076 Toyota Industries Corp. (a).... 1,872 46,286 ----------- 450,178 ----------- AUTOMOBILES -- 7.4% Daihatsu Motor Co., Ltd. (a)... 4,464 47,934 Fuji Heavy Industries, Ltd. (a).......................... 10,347 50,778 Honda Motor Co., Ltd. ......... 14,374 418,364 Isuzu Motors, Ltd. ............ 16,651 44,543 Mazda Motor Corp. (a).......... 9,123 35,920 Mitsubishi Motors Corp. (a) (b).......................... 51,173 83,870 Nissan Motor Co., Ltd. (a)..... 21,462 140,904 Suzuki Motor Corp. (a)......... 3,492 63,087 Toyota Motor Corp. ............ 20,577 848,936 Yamaha Motor Co., Ltd. ........ 2,216 29,577 ----------- 1,763,913 ----------- BEVERAGES -- 0.7% Asahi Breweries, Ltd. (a)...... 2,584 44,785 Ito En, Ltd. (a)............... 1,656 21,198 Kirin Holdings Co., Ltd. ...... 5,207 67,537 Takara Holdings, Inc. (a)...... 3,479 23,987 ----------- 157,507 ----------- BUILDING PRODUCTS -- 0.9% Aica Kogyo Co., Ltd. .......... 3,584 27,547 Asahi Glass Co., Ltd. (a)...... 8,299 71,605 Daikin Industries, Ltd. ....... 2,532 82,758 Hitachi Construction Machinery Co., Ltd. ................... 100 2,378 JS Group Corp. ................ 3,072 38,196 ----------- 222,484 ----------- CAPITAL MARKETS -- 2.0% Daiwa Securities Group, Inc. (a).......................... 15,482 107,622 JAFCO Co., Ltd. (a)............ 512 18,616 Nomura Holdings, Inc. (a)...... 19,576 244,504 Okasan Holdings, Inc. (a)...... 8,107 38,181 SBI Holdings, Inc. (a)......... 221 31,662 Shinko Securities Co., Ltd. (a).......................... 8,587 23,295 Tokai Tokyo Securities Co., Ltd. (a)..................... 5,967 19,728 ----------- 483,608 ----------- CHEMICALS -- 4.0% Asahi Kasei Corp. (a).......... 10,859 44,903 Daicel Chemical Industries, Ltd. (a)..................... 3,055 13,525 Dainippon Ink and Chemicals, Inc. ........................ 10,391 19,282 Hitachi Chemical Co., Ltd. .... 1,676 22,022 JSR Corp. (a).................. 2,260 29,207 Kaneka Corp. (a)............... 7,224 39,194 Kansai Paint Co., Ltd. (a)..... 7,092 43,221 Kuraray Co., Ltd. (a).......... 5,471 53,130 Mitsubishi Chemical Holdings Corp. (a).................... 9,623 50,125 Mitsubishi Gas Chemical Co., Inc. (a)..................... 4,268 20,181 Mitsubishi Rayon Co., Ltd. (a).......................... 8,291 20,070 Mitsui Chemicals, Inc. (a)..... 6,843 29,521 Nifco, Inc. ................... 1,528 26,295 Nissan Chemical Industries, Ltd. ........................ 1,416 12,684 Nitto Denko Corp. ............. 1,184 29,387 Sekisui Chemical Co., Ltd. (a).......................... 5,079 29,709 Shin-Etsu Chemical Co., Ltd. .. 3,820 175,951 Showa Denko K.K................ 9,723 19,874 Sumitomo Chemical Co., Ltd. ... 12,674 54,318 Taiyo Nippon Sanso Corp. (a)... 4,180 32,561 Teijin, Ltd. (a)............... 10,367 30,467 Tokai Carbon Co., Ltd. (a)..... 4,828 34,153 Toray Industries, Inc. (a)..... 12,758 58,523 Tosoh Corp. (a)................ 8,599 24,785 Ube Industries, Ltd. .......... 13,543 35,591 Zeon Corp. (a)................. 4,132 14,011 ----------- 962,690 ----------- COMMERCIAL BANKS -- 11.6% Chuo Mitsui Trust Holdings, Inc. ........................ 8,981 46,527 Fukuoka Financial Group, Inc. (a).......................... 19,000 67,828 Hokuhoku Financial Group, Inc. ........................ 15,658 33,627 Mitsubishi UFJ Financial Group, Inc. ........................ 92,244 775,904 Mizuho Financial Group, Inc. (a).......................... 114 474,620 Resona Holdings, Inc. (a)...... 48 61,534 Shinsei Bank, Ltd. ............ 4,726 13,889 Sumitomo Mitsui Financial Group, Inc. ................. 75 445,062 Suruga Bank, Ltd. (a).......... 4,496 50,650 The 77 Bank, Ltd. ............. 4,803 23,525 The Awa Bank, Ltd. ............ 8,731 49,920 The Bank of Kyoto, Ltd. (a).... 5,916 58,511 The Bank of Yokohama, Ltd. (a).......................... 11,947 56,491 The Chiba Bank, Ltd. (a)....... 11,063 55,646 The Chugoku Bank, Ltd. ........ 1,504 20,697 The Hachijuni Bank, Ltd. (a)... 7,719 40,062 The Hiroshima Bank, Ltd. ...... 7,811 28,179 The Hyakugo Bank, Ltd. ........ 7,147 39,719 The Iyo Bank, Ltd. (a)......... 7,180 76,964 The Joyo Bank, Ltd. (a)........ 7,155 31,743 The Juroku Bank, Ltd. (a)...... 6,883 25,674 The Musashino Bank, Ltd. (a)... 820 23,249 The Nanto Bank, Ltd. (a)....... 9,391 48,917 The Nishi-Nippon City Bank, Ltd. (a)..................... 14,799 35,685 The Shizuoka Bank, Ltd. (a).... 4,363 41,918
See accompanying notes to financial statements. 149 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- The Sumitomo Trust & Banking Co., Ltd. ................... 15,634 $ 98,665 Yamaguchi Financial Group, Inc. ........................ 3,076 36,507 ----------- 2,761,713 ----------- COMMERCIAL SERVICES & SUPPLIES -- 1.2% Dai Nippon Printing Co., Ltd. (a).......................... 5,739 76,707 Daiseki Co., Ltd. (a).......... 400 10,474 MEITEC Corp. .................. 1,412 37,440 Nissha Printing Co., Ltd. (a).. 336 15,824 Park24 Co., Ltd. (a)........... 1,900 10,470 Secom Co., Ltd. ............... 2,268 92,929 The Goodwill Group, Inc.(a) (b).......................... 78 2,454 TKC Corp. ..................... 400 6,254 Toppan Printing Co., Ltd. (a).. 5,299 40,829 ----------- 293,381 ----------- COMMUNICATIONS EQUIPMENT -- 0.0%(C) Aiphone Co., Ltd. (a).......... 200 3,468 Epson Toyocom Corp. (a)........ 2,188 5,709 ----------- 9,177 ----------- COMPUTERS & PERIPHERALS -- 1.5% Fujitsu, Ltd. ................. 18,498 101,581 NEC Corp. (a).................. 20,918 86,694 Seiko Epson Corp. (a).......... 2,076 47,224 Toshiba Corp. (a).............. 27,633 117,388 ----------- 352,887 ----------- CONSTRUCTION & ENGINEERING -- 0.9% Chiyoda Corp. ................. 688 4,899 COMSYS Holdings Corp. (a)...... 3,000 25,432 JGC Corp. ..................... 1,460 22,746 Kajima Corp. (a)............... 10,595 31,237 Kyowa Exeo Corp. .............. 1,548 13,808 Maeda Corp. (a)................ 6,855 20,856 Obayashi Corp. (a)............. 9,679 47,681 Shimizu Corp. (a).............. 4,559 21,171 Taisei Corp. (a)............... 14,995 38,418 ----------- 226,248 ----------- CONSTRUCTION MATERIALS -- 0.1% Taiheiyo Cement Corp. ......... 11,607 16,509 ----------- CONSUMER FINANCE -- 1.1% Acom Co., Ltd. (a)............. 912 30,839 Aeon Credit Service Co., Ltd. (a).......................... 1,640 16,143 Aiful Corp. (a)................ 531 3,991 Credit Saison Co., Ltd. ....... 2,064 32,875 NIS Group Co., Ltd.(a) (b)..... 8,500 9,047 Orient Corp. (b)............... 4,001 5,201 ORIX Corp. .................... 1,006 119,206 Promise Co., Ltd. (a).......... 1,214 23,042 SFCG Co., Ltd. (a)............. 128 5,655 Takefuji Corp. (a)............. 1,754 22,205 ----------- 268,204 ----------- CONTAINERS & PACKAGING -- 0.1% Toyo Seikan Kaisha, Ltd. ...... 1,748 26,311 ----------- DISTRIBUTORS -- 0.1% Canon Marketing Japan, Inc. ... 1,492 22,373 ----------- DIVERSIFIED CONSUMER SERVICES -- 0.2% Benesse Corp. ................. 928 37,499 ----------- DIVERSIFIED FINANCIAL SERVICES -- 0.0% (C) Mizuho Trust & Banking Co., Ltd. (a)..................... 8,370 10,959 ----------- DIVERSIFIED TELECOMMUNICATION SERVICES -- 1.8% Nippon Telegraph & Telephone Corp. ....................... 98 432,930 ----------- ELECTRIC UTILITIES -- 4.5% Chubu Electric Power Co., Inc. (a).......................... 6,363 148,939 Funai Electric Co., Ltd. ...... 695 12,589 Hokkaido Electric Power Co., Inc. ........................ 2,128 44,097 Hokuriku Electric Power Co. (a).......................... 2,312 55,424 Kyushu Electric Power Co., Inc. ........................ 3,776 78,248 Sanyo Electric Co., Ltd. (a)(b)....................... 15,422 26,002 Sharp Corp. (a)................ 8,519 90,354 Shikoku Electric Power Co., Inc. (a)..................... 2,472 61,937 The Chugoku Electric Power Co., Inc. (a)..................... 2,848 58,347 The Kansai Electric Power Co., Inc. (a)..................... 6,311 139,696 The Okinawa Electric Power Co., Inc. ........................ 236 11,181 The Tokyo Electric Power Co., Inc. (a)..................... 11,367 277,309 Tohoku Electric Power Co., Inc. (a).......................... 2,943 63,065 ----------- 1,067,188 ----------- ELECTRICAL EQUIPMENT -- 1.3% Fuji Electric Holdings Co., Ltd. ........................ 6,099 14,362 Fujikura, Ltd. (a)............. 8,107 30,621 Matsushita Electric Works, Ltd. (a).......................... 6,151 53,303 Mitsubishi Electric Corp. (a).. 18,974 123,497 Sumitomo Electric Industries, Ltd. (a)..................... 6,187 66,028 Ushio, Inc. ................... 1,836 29,728 ----------- 317,539 ----------- ELECTRONIC EQUIPMENT & INSTRUMENTS -- 5.1% Alps Electric Co., Ltd. (a).... 2,868 21,963 Casio Computer Co., Ltd. (a)... 3,648 33,743 Dainippon Screen Manufacturing Co., Ltd. (a)................ 6,364 20,201 Hamamatsu Photonics K.K. (a)... 1,068 25,602 Hirose Electric Co., Ltd. (a).. 608 56,926 Hitachi, Ltd. ................. 27,933 188,912 Horiba, Ltd. (a)............... 804 17,873 Hoya Corp. (a)................. 4,332 84,057 Ibiden Co., Ltd. (a)........... 1,696 39,778 Keyence Corp. (a).............. 340 66,613 Konica Minolta Holdings, Inc. (a).......................... 6,075 67,923 Kyocera Corp. (a).............. 1,492 110,742 Murata Manufacturing Co., Ltd. (a).......................... 2,128 83,585 Nidec Corp. (a)................ 1,464 87,979 Nippon Electric Glass Co., Ltd. ........................ 4,548 39,669 Oki Electric Industry Co., Ltd.(a) (b).................. 13,166 13,518 Olympus Corp. ................. 492 14,042 OMRON Corp. (a)................ 2,480 37,609 Shimadzu Corp. ................ 7,312 58,130 Taiyo Yuden Co., Ltd. ......... 776 7,426 TDK Corp. (a).................. 1,596 77,271 The Furukawa Electric Co., Ltd. ........................ 6,899 29,503 Yaskawa Electric Corp. ........ 2,604 14,300 Yokogawa Electric Corp. (a).... 2,964 18,398 ----------- 1,215,763 ----------- FOOD & STAPLES RETAILING -- 1.9% Aeon Co., Ltd. (a)............. 8,703 86,321 Cawachi, Ltd. ................. 848 15,927
See accompanying notes to financial statements. 150 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- FamilyMart Co., Ltd. .......... 1,552 $ 65,346 Izumiya Co., Ltd. ............. 6,740 36,378 Seven & I Holdings Co., Ltd. (a).......................... 7,439 209,860 UNY Co., Ltd. (a).............. 3,000 29,840 ----------- 443,672 ----------- FOOD PRODUCTS -- 1.0% Ajinomoto Co., Inc. (a)........ 6,003 56,487 Hokuto Corp. (a)............... 700 15,528 Kikkoman Corp. (a)............. 3,256 43,612 Meiji Dairies Corp. (a)........ 6,175 32,514 Nissin Food Products Co., Ltd. (a).......................... 940 33,292 Sakata Seed Corp. (a).......... 2,584 37,896 Yakult Honsha Co., Ltd. (a).... 764 23,532 ----------- 242,861 ----------- GAS UTILITIES -- 0.9% Saibu Gas Co., Ltd. (a)........ 52,273 115,708 Tokyo Gas Co., Ltd. ........... 21,873 90,035 ----------- 205,743 ----------- HEALTH CARE EQUIPMENT & SUPPLIES -- 0.3% Miraca Holdings, Inc. (a)...... 936 17,986 Nakanishi, Inc. ............... 100 8,477 Sysmex Corp. (a)............... 200 8,798 Terumo Corp. .................. 756 38,809 ----------- 74,070 ----------- HEALTH CARE PROVIDERS & SERVICES -- 0.3% Alfresa Holdings Corp. ........ 184 8,787 Mediceo Paltac Holdings Co., Ltd. ........................ 1,892 22,865 Suzuken Co., Ltd. (a).......... 1,032 31,203 ----------- 62,855 ----------- HOTELS, RESTAURANTS & LEISURE -- 0.2% Oriental Land Co., Ltd. (a).... 604 40,678 Round One Corp. (a)............ 12 9,337 ----------- 50,015 ----------- HOUSEHOLD DURABLES -- 3.5% Daikyo, Inc. (a)............... 6,256 9,310 Daiwa House Industry Co., Ltd. (a).......................... 3,363 31,297 Haseko Corp. .................. 14,139 9,722 Matsushita Electric Industrial Co., Ltd. ................... 18,981 320,924 Pioneer Corp. (a).............. 3,460 22,260 Sangetsu Co., Ltd. ............ 2,576 42,923 Sekisui House, Ltd. (a)........ 3,679 33,060 Sony Corp. .................... 10,211 304,892 TOTO, Ltd. (a)................. 7,444 53,920 ----------- 828,308 ----------- HOUSEHOLD PRODUCTS -- 0.4% Kao Corp. ..................... 1,339 35,630 Uni-Charm Corp. ............... 644 49,135 ----------- 84,765 ----------- INDEPENDENT POWER PRODUCERS & ENERGY TRADERS -- 0.2% Electric Power Development Co., Ltd. ........................ 1,240 39,595 ----------- INDUSTRIAL CONGLOMERATES -- 0.3% Hankyu Hanshin Holdings, Inc. (a).......................... 11,486 52,472 Keihan Electric Railway Co., Ltd. (a)..................... 5,747 24,793 ----------- 77,265 ----------- INSURANCE -- 2.4% Aioi Insurance Co., Ltd. (a)... 5,579 26,748 Mitsui Sumitomo Insurance Group Holdings, Inc. .............. 5,036 165,550 Nipponkoa Insurance Co., Ltd. ........................ 7,479 40,578 Sompo Japan Insurance, Inc. ... 7,111 58,072 T&D Holdings, Inc. ............ 1,060 54,515 Tokio Marine Holdings, Inc. ... 6,247 220,071 ----------- 565,534 ----------- INTERNET & CATALOG RETAIL -- 0.2% Rakuten, Inc. (a).............. 82 45,107 ----------- INTERNET SOFTWARE & SERVICES -- 0.3% DeNA Co., Ltd. ................ 1 3,881 Yahoo! Japan Corp. (a)......... 177 56,185 ----------- 60,066 ----------- IT SERVICES -- 0.7% CSK Holdings Corp. (a)......... 1,156 16,660 IT Holdings Corp. (b).......... 1,332 18,995 Itochu Techno-Solutions Corp. (a).......................... 908 22,579 NET One Systems Co., Ltd. (a).. 24 33,819 Nomura Research Institute, Ltd. (a).......................... 300 6,005 NTT Data Corp. (a)............. 12 46,795 Otsuka Corp. .................. 212 13,679 ----------- 158,532 ----------- LEISURE EQUIPMENT & PRODUCTS -- 1.6% Canon Electronics, Inc. ....... 100 1,563 FUJIFILM Holdings Corp. (a).... 4,827 122,306 Namco Bandai Holdings, Inc. (a).......................... 3,632 39,171 Nikon Corp. (a)................ 3,440 79,548 Roland Corp. .................. 300 3,789 Sankyo Co., Ltd. .............. 1,040 52,213 Sega Sammy Holdings, Inc. (a).. 3,331 29,619 Shimano, Inc. (a).............. 692 23,531 Yamaha Corp. (a)............... 2,092 35,213 ----------- 386,953 ----------- MACHINERY -- 3.9% Amada Co., Ltd. (a)............ 2,527 13,496 Amano Corp. (a)................ 2,136 16,760 Fanuc, Ltd. ................... 1,880 137,062 Fuji Machine Manufacturing Co., Ltd. ........................ 100 1,185 Glory, Ltd. ................... 1,544 34,759 IHI Corp. ..................... 12,311 18,786 JTEKT Corp. ................... 2,408 26,923 Kawasaki Heavy Industries, Ltd. ........................ 978 2,008 Komatsu, Ltd. ................. 8,939 141,034 Komori Corp. (a)............... 1,188 15,700 Kubota Corp. (a)............... 6,663 40,669 Kurita Water Industries, Ltd. (a).......................... 1,676 37,967 Makita Corp. (a)............... 1,676 33,152 Minebea Co., Ltd. ............. 5,255 19,304 Mitsubishi Heavy Industries, Ltd. ........................ 23,676 99,463 Mitsui Engineering & Shipbuilding Co., Ltd. ...... 12,567 22,964
See accompanying notes to financial statements. 151 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Mori Seiki Co., Ltd. (a)....... 1,368 $ 15,836 NGK Insulators, Ltd. .......... 2,320 27,534 NSK, Ltd. (a).................. 4,463 25,013 NTN Corp. ..................... 3,495 17,843 OKUMA Corp. (a)................ 2,648 14,916 OSG Corp. (a).................. 1,812 15,088 SMC Corp. ..................... 320 32,704 Sumitomo Heavy Industries, Ltd. ........................ 5,795 26,692 Tadano, Ltd. .................. 1,780 10,730 Takeuchi Manufacturing Co., Ltd. ........................ 100 1,242 The Japan Steel Works, Ltd. (a).......................... 3,708 44,811 THK Co., Ltd. (a).............. 1,800 27,348 Toshiba Machine Co., Ltd. ..... 1,944 6,574 ----------- 927,563 ----------- MARINE -- 0.9% Kawasaki Kisen Kaisha, Ltd. (a).......................... 6,759 40,236 Mitsui OSK Lines, Ltd. ........ 10,491 87,355 Nippon Yusen KK................ 13,995 88,058 ----------- 215,649 ----------- MEDIA -- 0.5% Dentsu, Inc. (a)............... 24 47,451 Fuji Television Network, Inc. ........................ 2 2,547 Jupiter Telecommunications Co. ......................... 36 25,771 Nippon Television Network Corp. ....................... 20 1,874 Toho Co, Ltd. (a).............. 2,152 44,291 Tokyo Broadcasting System, Inc. ........................ 200 3,381 ----------- 125,315 ----------- METALS & MINING -- 3.0% Daido Steel Co., Ltd. (a)...... 2,199 11,351 Dowa Holdings Co., Ltd. ....... 2,767 12,119 JFE Holdings, Inc. (a)......... 5,547 166,151 Kobe Steel, Ltd. .............. 28,645 55,852 Mitsubishi Materials Corp. .... 14,027 43,073 Mitsui Mining & Smelting Co., Ltd. (a)..................... 6,839 15,654 Nippon Steel Corp. (a)......... 50,755 185,016 Nisshin Steel Co., Ltd. (a).... 10,951 20,630 OSAKA Titanium Technologies Co. ......................... 36 1,150 Pacific Metals Co., Ltd. (a)... 1,988 14,044 Sumitomo Metal Industries, Ltd. ........................ 38,340 114,480 Sumitomo Metal Mining Co., Ltd. (a).......................... 5,575 54,666 Toho Titanium Co., Ltd. ....... 56 833 Tokyo Steel Manufacturing Co., Ltd. (a)..................... 1,844 19,783 Yodogawa Steel Works, Ltd. .... 963 4,227 ----------- 719,029 ----------- MULTILINE RETAIL -- 0.5% Isetan Mitsukoshi Holdings, Ltd.(a) (b).................. 3,941 45,362 Ryohin Keikaku Co., Ltd. ...... 336 16,268 Takashimaya Co., Ltd. (a)...... 5,332 45,603 The Daiei, Inc.(a) (b)......... 3,802 19,482 ----------- 126,715 ----------- OFFICE ELECTRONICS -- 2.4% Brother Industries, Ltd. (a)... 2,932 30,407 Canon, Inc. ................... 11,658 419,475 Ricoh Co., Ltd. ............... 8,555 116,602 ----------- 566,484 ----------- OIL, GAS & CONSUMABLE FUELS -- 1.9% Cosmo Oil Co., Ltd. ........... 9,927 23,189 Inpex Holdings, Inc. (a)....... 23 194,113 Nippon Mining Holdings, Inc. .. 12,251 48,351 Nippon Oil Corp. (a)........... 15,430 76,303 Osaka Gas Co., Ltd. ........... 22,150 75,527 TonenGeneral Sekiyu K.K. (a)... 3,547 28,833 ----------- 446,316 ----------- PAPER & FOREST PRODUCTS -- 0.4% Nippon Paper Group, Inc. (a)... 12 34,588 OJI Paper Co., Ltd. (a)........ 9,839 48,840 Sumitomo Forestry Co., Ltd. (a).......................... 2,068 11,785 ----------- 95,213 ----------- PERSONAL PRODUCTS -- 0.6% Mandom Corp. .................. 1,816 47,895 Shiseido Co., Ltd. (a)......... 4,232 93,478 ----------- 141,373 ----------- PHARMACEUTICALS -- 4.7% Astellas Pharma, Inc. (a)...... 3,671 151,107 Chugai Pharmaceutical Co., Ltd. (a).......................... 2,716 43,542 Daiichi Sankyo Co., Ltd. (a)... 6,751 171,374 Dainippon Sumitomo Pharma Co., Ltd. ........................ 1,960 15,859 Eisai Co., Ltd. (a)............ 1,840 70,886 Hisamitsu Pharmaceutical Co., Inc. (a)..................... 804 34,912 Kissei Pharmaceutical Co., Ltd. ........................ 1,000 21,664 Kyowa Hakko Kogyo Co., Ltd. (a).......................... 6,833 70,412 Mitsubishi Tanabe Pharma Corp. ....................... 1,000 13,724 Mochida Pharmaceutical Co., Ltd. ........................ 1,000 10,201 Nichi-iko Pharmaceutical Co., Ltd. ........................ 200 4,804 Ono Pharmaceutical Co., Ltd. (a).......................... 532 24,354 Santen Pharmaceutical Co., Ltd. (a).......................... 1,456 36,618 Seikagaku Corp. ............... 800 7,694 Shionogi & Co., Ltd. .......... 3,496 69,976 Taisho Pharmaceutical Co., Ltd. ........................ 592 11,571 Takeda Pharmaceutical Co., Ltd. (a).......................... 7,255 358,769 Torii Pharmaceutical Co., Ltd. ........................ 200 2,777 Tsumura & Co. ................. 100 2,524 ----------- 1,122,768 ----------- REAL ESTATE MANAGEMENT & DEVELOPMENT -- 2.3% Aeon Delight Co., Ltd. ........ 200 4,615 Daito Trust Construction Co., Ltd. (a)..................... 1,164 42,431 Heiwa Real Estate Co., Ltd. (a).......................... 3,356 11,696 K.K. DaVinci Holdings (a) (b).. 22 4,911 Leopalace21 Corp. ............. 1,544 11,693 Mitsubishi Estate Co., Ltd. ... 10,111 191,430 Mitsui Fudosan Co., Ltd. (a)... 5,923 109,405 Sumitomo Realty & Development Co., Ltd. ................... 5,843 121,907 Tokyo Tatemono Co., Ltd. ...... 4,540 20,826 Tokyu Land Corp. (a)........... 7,664 27,360 Urban Corp. (a)(f)(g).......... 1,458 14 ----------- 546,288 ----------- ROAD & RAIL -- 4.2% Central Japan Railway Co. ..... 14 131,211 East Japan Railway Co. ........ 36 266,528 Keihin Electric Express Railway Co., Ltd. (a)................ 6,355 41,303
See accompanying notes to financial statements. 152 SPDR RUSSELL/NOMURA PRIME JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Keisei Electric Railway Co., Ltd. ........................ 7,147 $ 38,776 Kintetsu Corp. (a)............. 20,038 69,458 Nagoya Railroad Co., Ltd. ..... 19,362 54,895 Nankai Electric Railway Co., Ltd. (a)..................... 10,111 38,953 Nippon Express Co., Ltd. ...... 11,555 50,502 Odakyu Electric Railway Co., Ltd. (a)..................... 5,483 40,284 Sagami Railway Co., Ltd. ...... 13,254 49,812 Tobu Railway Co., Ltd. (a)..... 13,007 62,606 Tokyu Corp. ................... 12,391 58,124 West Japan Railway Co. ........ 24 102,181 ----------- 1,004,633 ----------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2% Advantest Corp. (a)............ 2,216 45,503 Disco Corp. (a)................ 784 22,450 Elpida Memory, Inc.(a) (b)..... 1,976 35,717 Rohm Co., Ltd. ................ 376 20,223 Sanken Electric Co., Ltd. (a).. 8,404 34,435 Shinko Electric Industries Co., Ltd. (a)..................... 892 8,116 SUMCO Corp. ................... 1,546 23,431 Tokyo Electron, Ltd. (a)....... 1,940 85,154 ----------- 275,029 ----------- SOFTWARE -- 2.2% Konami Corp. (a)............... 1,192 29,248 Nintendo Co., Ltd. ............ 1,048 428,420 NSD Co., Ltd. ................. 1,432 11,479 Square Enix Co., Ltd. (a)...... 1,296 37,355 Trend Micro, Inc. ............. 368 13,692 ----------- 520,194 ----------- SPECIALTY RETAIL -- 2.0% Aoyama Trading Co., Ltd. (a)... 1,684 22,064 Autobacs Seven Co., Ltd. (a)... 2,480 61,553 Citizen Holdings Co., Ltd. (a).......................... 5,103 34,752 Culture Convenience Club Co., Ltd. ........................ 2,532 18,650 Fast Retailing Co., Ltd. (a)... 776 77,114 Hikari Tsushin, Inc. (a)....... 284 5,925 J Front Retailing Co., Ltd. ... 778 4,390 Marui Group Co., Ltd. (a)...... 4,016 29,506 Nitori Co., Ltd. (a)........... 860 50,548 Sanrio Co., Ltd. (a)........... 848 9,202 Shimachu Co., Ltd. ............ 1,384 30,766 Shimamura Co., Ltd. (a)........ 432 28,403 USS Co., Ltd. ................. 660 41,901 Yamada Denki Co., Ltd. (a)..... 980 73,016 ----------- 487,790 ----------- TEXTILES, APPAREL & LUXURY GOODS -- 0.4% Asics Corp. ................... 1,064 8,148 Gunze, Ltd. ................... 6,223 24,033 Nisshinbo Industries, Inc. (a).......................... 2,584 24,583 Onward Kashiyama Co., Ltd. .... 580 5,949 The Japan Wool Textile Co., Ltd. ........................ 1,031 7,973 Toyobo Co., Ltd. (a)........... 14,302 23,440 ----------- 94,126 ----------- TOBACCO -- 0.8% Japan Tobacco, Inc. ........... 50 185,560 ----------- TRADING COMPANIES & DISTRIBUTORS -- 3.4% Hanwa Co., Ltd. ............... 4,207 14,186 Inaba Denki Sangyo Co., Ltd. .. 1,456 32,435 Itochu Corp. (a)............... 11,266 66,005 Iwatani Corp. (a).............. 9,451 21,810 Marubeni Corp. ................ 15,402 67,896 Mitsubishi Corp. (a)........... 12,907 261,994 Mitsui & Co., Ltd. ............ 16,202 195,037 Sojitz Corp. .................. 11,228 25,171 Sumitomo Corp. (a)............. 10,275 93,009 Toyota Tsusho Corp. ........... 1,539 19,614 ----------- 797,157 ----------- TRANSPORTATION INFRASTRUCTURE -- 0.1% Kamigumi Co., Ltd. ............ 2,395 17,686 Mitsubishi Logistics Corp. .... 216 2,684 ----------- 20,370 ----------- WIRELESS TELECOMMUNICATION SERVICES -- 2.3% KDDI Corp. (a)................. 36 199,727 NTT DoCoMo, Inc. .............. 165 260,948 Softbank Corp. (a)............. 6,315 79,885 ----------- 540,560 ----------- TOTAL COMMON STOCKS -- (Cost $30,915,871)........... 23,541,246 ----------- SHORT TERM INVESTMENTS -- 23.4% UNITED STATES -- 23.4% MONEY MARKET FUNDS -- 23.4% State Street Navigator Securities Lending Prime Portfolio (d) (e)............ 5,538,108 5,538,108 STIC Prime Portfolio........... 37,428 37,428 ----------- TOTAL SHORT TERM INVESTMENTS -- (Cost $5,575,536)............ 5,575,536 ----------- TOTAL INVESTMENTS -- 122.4% (Cost $36,491,407)........... 29,116,782 OTHER ASSETS AND LIABILITIES -- (22.4)%....... (5,330,727) ----------- NET ASSETS -- 100.0%........... $23,786,055 ===========
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Amount represents less than 0.05% of net assets. (d) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (e) Investments of cash collateral for securities loaned. (f) Company has filed for civil rehabilitation (insolvency). (g) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. See accompanying notes to financial statements. 153 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.1% JAPAN -- 99.1% AUTO COMPONENTS -- 3.3% Ahresty Corp. ................ 700 $ 6,000 FCC Co., Ltd. (a)............. 17,113 221,801 Futaba Industrial Co., Ltd. (a)......................... 18,394 225,410 Kayaba Industry Co., Ltd. (a)......................... 62,902 170,045 Keihin Corp. (a).............. 13,341 151,173 Musashi Seimitsu Industry Co., Ltd. (a).................... 11,852 205,748 NHK Spring Co., Ltd. ......... 34,000 182,866 Nippon Seiki Co., Ltd. ....... 9,939 89,218 Nissin Kogyo Co., Ltd. (a).... 17,134 219,652 Press Kogyo Co., Ltd. ........ 49,569 132,134 Showa Corp. .................. 21,539 128,222 Takata Corp. (a).............. 7,200 96,642 Tokai Rika Co., Ltd. ......... 10,900 134,601 Topre Corp. .................. 24,434 164,098 Toyo Tire & Rubber Co., Ltd. (a)......................... 83,372 223,812 Toyoda Gosei Co., Ltd. ....... 5,098 84,034 Toyota Boshoku Corp. (a)...... 10,500 112,947 ------------ 2,548,403 ------------ AUTOMOBILES -- 0.5% Daihatsu Motor Co., Ltd. (a).. 36,000 386,568 ------------ BEVERAGES -- 1.4% Ito En, Ltd. (a).............. 13,100 167,691 Mikuni Coca-Cola Bottling Co., Ltd. (a).................... 38,245 331,782 Takara Holdings, Inc. (a)..... 81,937 564,950 ------------ 1,064,423 ------------ BIOTECHNOLOGY -- 0.1% AnGes MG, Inc. (a)(b)......... 37 71,445 ------------ BUILDING PRODUCTS -- 2.7% Aica Kogyo Co., Ltd. ......... 38,619 296,831 Bunka Shutter Co., Ltd. ...... 84,577 261,303 Central Glass Co., Ltd. ...... 86,309 281,288 Nichias Corp. (a)............. 2,000 5,915 Nitto Boseki Co., Ltd. (a).... 87,020 182,786 Noritz Corp. (a).............. 25,265 226,794 Sankyo-Tateyama Holdings, Inc. ....................... 170,467 176,625 Sanwa Shutter Corp. (a)....... 85,910 318,829 Sekisui Jushi Corp. .......... 55,938 353,021 ------------ 2,103,392 ------------ CAPITAL MARKETS -- 2.1% Asset Managers Co., Ltd. (a).. 113 13,315 JAFCO Co., Ltd. (a)........... 7,800 283,596 Japan Asia Investment Co., Ltd. ....................... 38,188 73,380 Mito Securities Co., Ltd. .... 86,129 224,723 Monex Beans Holdings, Inc. (a)......................... 387 135,969 Okasan Holdings, Inc. (a)..... 44,447 209,330 SBI Holdings, Inc. (a)........ 1,355 194,128 Tokai Tokyo Securities Co., Ltd. (a).................... 92,721 306,552 Toyo Securities Co., Ltd. .... 60,457 138,379 ------------ 1,579,372 ------------ CHEMICALS -- 5.2% ADEKA Corp. .................. 42,913 266,375 Air Water, Inc. .............. 43,390 425,460 Asahi Organic Chemicals Industry Co., Ltd. ......... 127,540 336,374 C. Uyemura & Co., Ltd. ....... 4,176 159,307 Fujikura Kasei Co., Ltd. ..... 30,538 188,984 Fujimi, Inc. ................. 73 861 Ishihara Sangyo Kaisha, Ltd. (b)......................... 171,811 226,567 Kansai Paint Co., Ltd. (a).... 46,000 280,337 Lintec Corp. (a).............. 17,308 277,150 Nifco, Inc. .................. 21,479 369,633 Nihon Parkerizing Co., Ltd. .. 7,401 81,982 Nippon Soda Co., Ltd. ........ 44,065 173,911 Nippon Valqua Industries, Ltd. ....................... 86,025 203,384 NOF Corp. .................... 84,731 278,539 Okamoto Industries, Inc. (a).. 128,841 401,699 SK Kaken Co., Ltd. ........... 780 18,221 Sumitomo Bakelite Co., Ltd. (a)......................... 45,000 188,198 Tokai Carbon Co., Ltd. (a).... 21,542 152,386 ------------ 4,029,368 ------------ COMMERCIAL BANKS -- 8.9% Bank of the Ryukyus, Ltd. .... 17,281 142,591 Kansai Urban Banking Corp. (a)......................... 54,000 80,874 Kiyo Holdings, Inc. .......... 257,754 366,607 Mitsubishi UFJ Financial Group, Inc. ................ 32,560 273,876 The 77 Bank, Ltd. ............ 49,000 240,004 The Aichi Bank, Ltd. ......... 4,149 284,117 The Awa Bank, Ltd. ........... 43,000 245,853 The Bank of Iwate, Ltd. ...... 4,356 256,030 The Bank of Nagoya, Ltd. ..... 42,000 226,289 The Biwako Bank, Ltd. ........ 127,049 161,556 The Daishi Bank, Ltd. ........ 51,000 197,438 The Fukushima Bank, Ltd. ..... 171,478 117,910 The Higo Bank, Ltd. (a)....... 42,000 236,971 The Hokkoku Bank, Ltd. (a).... 43,000 159,177 The Hyakujushi Bank, Ltd. .... 49,000 269,081 The Juroku Bank, Ltd. (a)..... 57,000 212,612 The Kagoshima Bank, Ltd. ..... 42,000 283,653 The Keiyo Bank, Ltd. ......... 50,000 234,070 The Musashino Bank, Ltd. (a).. 6,000 170,113 The Nagano Bank, Ltd. ........ 127,534 239,055 The Nanto Bank, Ltd. (a)...... 44,000 229,190 The Nishi-Nippon City Bank, Ltd. (a).................... 146,000 352,056 The Ogaki Kyoritsu Bank, Ltd. ....................... 48,000 250,478 The San-In Godo Bank, Ltd. ... 42,000 321,631 The Shiga Bank, Ltd. (a)...... 42,000 261,499 The Shikoku Bank, Ltd. ....... 43,000 134,470 The Taiko Bank, Ltd. ......... 82,000 171,469 The Tochigi Bank, Ltd. ....... 42,846 224,390 The Tokushima Bank, Ltd. ..... 43,305 157,858 The Tokyo Tomin Bank, Ltd. (a)......................... 8,705 138,736 Tomato Bank, Ltd. ............ 129,872 238,544 ------------ 6,878,198 ------------ COMMERCIAL SERVICES & SUPPLIES -- 3.3% Arrk Corp. (a)(b)............. 6,500 10,408 Daiseki Co., Ltd. (a)......... 11,693 306,189 en-japan, Inc. (a)............ 43 38,843 MEITEC Corp. (a).............. 15,144 401,548 Moshi Moshi Hotline, Inc. (a)......................... 12,872 332,818 Nippon Kanzai Co., Ltd. (a)... 13,452 328,808 Nissha Printing Co., Ltd. (a)......................... 8,642 407,008 Okamura Corp. (a)............. 36,884 233,120
See accompanying notes to financial statements. 154 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Oyo Corp. .................... 31,560 $ 345,431 Park24 Co., Ltd. (a).......... 30,085 165,777 ------------ 2,569,950 ------------ COMMUNICATIONS EQUIPMENT -- 1.2% Aiphone Co., Ltd. (a)......... 19,006 329,582 Denki Kogyo Co., Ltd. ........ 43,303 238,612 Epson Toyocom Corp. (a)....... 43,705 114,033 Hitachi Kokusai Electric, Inc. (a)......................... 34,634 205,523 ------------ 887,750 ------------ COMPUTERS & PERIPHERALS -- 0.3% Mitsumi Electric Co., Ltd. ... 57 1,396 Wacom Co., Ltd. (a)........... 126 227,516 ------------ 228,912 ------------ CONSTRUCTION & ENGINEERING -- 2.4% Chugai Ro Co., Ltd. (a)....... 72,522 344,286 Daimei Telecom Engineering Corp. ...................... 229 1,816 Kyowa Exeo Corp. ............. 42,676 380,673 Kyudenko Corp. ............... 72,657 417,471 Maeda Corp. (a)............... 87,158 265,172 Penta-Ocean Construction Co., Ltd. (b).................... 115,389 121,731 Sanki Engineering Co., Ltd. (a)......................... 44,196 300,149 Tokyu Construction Co., Ltd. ....................... 2 6 ------------ 1,831,304 ------------ CONSUMER FINANCE -- 1.3% Acom Co., Ltd. (a)............ 16,410 554,909 Aeon Credit Service Co., Ltd. (a)......................... 19,000 187,020 Aiful Corp. (a)............... 17,300 130,037 NIS Group Co., Ltd. (b)....... 40 43 OMC Card, Inc. (b)............ 62 132 Orient Corp. (b).............. 85,000 110,488 ------------ 982,629 ------------ CONTAINERS & PACKAGING -- 0.9% Fuji Seal International, Inc. (a)......................... 17,170 275,910 Rengo Co., Ltd. (a)........... 62,063 414,475 ------------ 690,385 ------------ DISTRIBUTORS -- 0.7% Canon Marketing Japan, Inc. .. 14,300 214,436 Yokohama Reito Co., Ltd. ..... 53,580 362,869 ------------ 577,305 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.2% Diamond Lease Co., Ltd. ...... 9,129 291,502 Fintech Global, Inc. ......... 124 5,186 Japan Securities Finance Co., Ltd. (a).................... 34,319 212,383 Osaka Securities Exchange Co., Ltd. ....................... 60 163,839 Privee Fund Group Co., Ltd. (b)......................... 45,175 6,808 Ricoh Leasing Co., Ltd. (a)... 12,667 215,004 Secured Capital Japan Co., Ltd. (a).................... 13 10,763 Sparx Group Co., Ltd. (a)..... 149 33,754 ------------ 939,239 ------------ ELECTRICAL EQUIPMENT -- 1.8% Daihen Corp. (a).............. 54,971 190,546 GS Yuasa Corp. (a)............ 130,287 452,842 Japan Cash Machine Co., Ltd. (a)......................... 25,824 204,568 Shinko Electric Co., Ltd. (a)......................... 85,826 261,928 Sumitomo Electric Industries, Ltd. ....................... 31 331 SWCC Showa Holdings Co., Ltd. ....................... 258,075 281,983 ------------ 1,392,198 ------------ ELECTRONIC EQUIPMENT & INSTRUMENTS -- 3.7% Arisawa Manufacturing Co., Ltd. (a).................... 17,172 83,300 Enplas Corp. (a).............. 19,089 168,118 ESPEC Corp. .................. 31 198 Hakuto Co., Ltd. ............. 26,411 203,994 Hamamatsu Photonics K.K. (a).. 13,600 326,021 Horiba, Ltd. (a).............. 12,165 270,423 Hosiden Corp. (a)............. 20,095 280,514 Japan Aviation Electronics Industry, Ltd. (a).......... 23,971 109,734 Koa Corp. .................... 21,491 115,790 Nidec Sankyo Corp. ........... 28,917 136,189 Nihon Dempa Kogyo Co., Ltd. (a)......................... 6,295 105,781 Nippon Ceramic Co., Ltd. (a).. 16,423 168,461 Nippon Chemi-Con Corp. ....... 43,432 135,412 Ryoyo Electro Corp. (a)....... 20,104 168,914 Star Micronics Co., Ltd. ..... 15,469 155,761 Toko, Inc. (b)................ 117,739 129,755 Yamatake Corp. (a)............ 19,548 307,310 ------------ 2,865,675 ------------ FOOD & STAPLES RETAILING -- 3.2% Cawachi, Ltd. ................ 13,035 244,825 Circle K Sunkus Co., Ltd. (a)......................... 29,998 495,328 FamilyMart Co., Ltd. ......... 12,000 505,251 Izumiya Co., Ltd. ............ 43,933 237,118 Ministop Co., Ltd. ........... 20,294 364,724 Sugi Pharmacy Co., Ltd. (a)... 7,000 196,487 UNY Co., Ltd. (a)............. 39,000 387,924 ------------ 2,431,657 ------------ FOOD PRODUCTS -- 5.6% Ariake Japan Co., Ltd. (a).... 15,364 249,639 Fujicco Co., Ltd. ............ 42,657 452,426 Hokuto Corp. (a).............. 27,421 608,265 Kagome Co., Ltd. (a).......... 30,067 465,314 Marudai Food Co., Ltd. (a).... 127,417 268,840 Mitsui Sugar Co., Ltd. (a).... 64,497 236,931 Nakamuraya Co., Ltd. ......... 76,952 314,578 Nippon Suisan Kaisha, Ltd. (a)......................... 75,575 274,067 Nosan Corp. (a)............... 121,463 255,133 Riken Vitamin Co., Ltd. ...... 10,580 305,945 Snow Brand Milk Products Co., Ltd. (a).................... 129,255 410,295 Toyo Suisan Kaisha, Ltd. (a).. 18,000 450,996 ------------ 4,292,429 ------------ GAS UTILITIES -- 0.3% Shizuoka Gas Co., Ltd. ....... 63,819 230,834 ------------ HEALTH CARE EQUIPMENT & SUPPLIES -- 1.9% Asahi Intecc Co., Ltd. ....... 7,640 38,860 Fukuda Denshi Co., Ltd. ...... 9,986 189,063 Miraca Holdings, Inc. (a)..... 15,700 301,681 Nakanishi, Inc. .............. 2,147 182,009 Paramount Bed Co., Ltd. (a)... 18,510 244,092 Sysmex Corp. (a).............. 8,705 382,917 Topcon Corp. (a).............. 15,519 99,693 ------------ 1,438,315 ------------
See accompanying notes to financial statements. 155 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- HEALTH CARE PROVIDERS & SERVICES -- 0.4% Alfresa Holdings Corp. (a).... 5,900 $ 281,759 ------------ HOTELS, RESTAURANTS & LEISURE -- 2.4% DOUTOR NICHIRES Holdings Co., Ltd. ....................... 23,175 343,592 McDonald's Holdings Co. (Japan), Ltd. .............. 30,800 418,925 MOS Food Services, Inc. (a)... 33,514 373,763 Nissin Healthcare Food Service Co., Ltd. (a)............... 22,108 224,068 Round One Corp. (a)........... 100 77,803 Tokyo Dome Corp. ............. 60,085 307,882 Zensho Co., Ltd. (a).......... 30,046 131,318 ------------ 1,877,351 ------------ HOUSEHOLD DURABLES -- 2.2% Clarion Co., Ltd. ............ 69,472 94,885 Daikyo, Inc. (a).............. 85,352 127,025 France Bed Holdings Co., Ltd. ....................... 170,734 212,282 Goldcrest Co., Ltd. (a)....... 6,439 92,189 Juki Corp. (a)................ 42,450 69,974 Kenwood Corp. (a)(d).......... 172,915 128,670 Misawa Homes Holdings, Inc. (a)(b)...................... 9,166 32,981 Rinnai Corp. ................. 12,951 520,894 The Japan General Estate Co., Ltd. (a).................... 10,023 21,337 TOTO, Ltd. (a)................ 59,000 427,363 ------------ 1,727,600 ------------ INDUSTRIAL CONGLOMERATES -- 0.3% Katakura Industries Co., Ltd. (a)......................... 19,280 246,982 ------------ INSURANCE -- 0.3% Nissay Dowa General Insurance Co., Ltd. (a)............... 43,000 231,677 ------------ INTERNET & CATALOG RETAIL -- 0.3% Senshukai Co., Ltd. (a)....... 32,224 210,952 ------------ INTERNET SOFTWARE & SERVICES -- 1.2% Access Co., Ltd. (a)(b)....... 60 100,598 DeNA Co., Ltd. (a)............ 57 221,203 eAccess, Ltd. (a)............. 495 275,091 GMO Internet, Inc. (b)........ 93 429 Index Holdings (a)............ 14 2,013 Kakaku.com, Inc. (a).......... 82 252,569 mixi, Inc. (a)(b)............. 12 83,304 So-net Entertainment Corp. ... 8 20,067 Telewave, Inc. ............... 9 1,586 ------------ 956,860 ------------ IT SERVICES -- 1.8% INES Corp. (a)................ 42,960 164,694 IT Holdings Corp. (b)......... 15,937 227,275 Itochu Techno-Solutions Corp. (a)......................... 9,500 236,236 Obic Co., Ltd. (a)............ 2,141 345,052 Otsuka Corp. ................. 3,900 251,636 Trans Cosmos, Inc. (a)........ 17,167 132,757 ------------ 1,357,650 ------------ LEISURE EQUIPMENT & PRODUCTS -- 0.3% Aruze Corp. .................. 5,200 110,941 Mars Engineering Corp. ....... 58 1,229 Roland Corp. ................. 10,876 137,378 ------------ 249,548 ------------ LIFE SCIENCES, TOOLS & SERVICES -- 0.0% (C) Soiken Holdings, Inc. (b)..... 10 1,743 ------------ MACHINERY -- 5.6% Amano Corp. (a)............... 30,532 239,562 Asahi Diamond Industrial Co., Ltd. (a).................... 42,942 245,522 CKD Corp. (a)................. 25,905 110,291 Daifuku Co., Ltd. ............ 22,181 135,595 Fuji Machine Manufacturing Co., Ltd. .................. 12,771 151,330 Furukawa Co., Ltd. (a)........ 128,280 176,413 Glory, Ltd. .................. 6,587 148,287 Hitachi Zosen Corp. (a)(b).... 269,726 274,388 Kitz Corp. (a)................ 42,502 194,164 Komori Corp. (a).............. 7,240 95,679 Kyokuto Kaihatsu Kogyo Co., Ltd. ....................... 42,340 175,079 Makino Milling Machine Co., Ltd. (a).................... 41,739 161,586 Nabtesco Corp. (a)............ 32,052 252,395 Nachi-Fujikoshi Corp. ........ 80,418 207,550 Namura Shipbuilding Co., Ltd. ....................... 2,800 7,253 Nippon Sharyo, Ltd. (a)....... 128,970 414,249 Nippon Thompson Co., Ltd. .... 42,511 175,786 OKUMA Corp. (a)............... 19,192 108,104 Ryobi, Ltd. (a)............... 43,723 115,727 Shima Seiki Manufacturing, Ltd. (a).................... 6,000 114,444 Sintokogio, Ltd. ............. 21,419 130,937 Tadano, Ltd. (a).............. 39,913 240,610 Takeuchi Manufacturing Co., Ltd. ....................... 700 8,697 Tocalo Co., Ltd. ............. 36 409 Toshiba Machine Co., Ltd. .... 43,009 145,436 Tsubakimoto Chain Co. ........ 44,124 171,650 Union Tool Co. (a)............ 4,432 102,487 ------------ 4,303,630 ------------ MARINE -- 0.4% Daiichi Chuo Kisen Kaisha..... 9,000 40,268 Iino Kaiun Kaisha, Ltd. (a)... 34,006 263,297 ------------ 303,565 ------------ MEDIA -- 2.2% Avex Group Holdings, Inc. (a)......................... 17,092 148,598 Daiichikosho Co., Ltd. ....... 19,981 203,264 Jupiter Telecommunications Co. ........................ 661 473,188 Kadokawa Group Holdings, Inc. (a)......................... 8,687 193,517 Shochiku Co., Ltd. (a)........ 43,243 232,986 Sky Perfect JSAT Corp. (a).... 982 367,678 Usen Corp. (a)(b)............. 3,480 5,441 Zenrin Co., Ltd. (a).......... 8,624 101,297 ------------ 1,725,969 ------------ METALS & MINING -- 3.6% Godo Steel, Ltd. ............. 440 1,359 Hitachi Metals, Ltd. (a)...... 27,000 315,104 Maruichi Steel Tube, Ltd. (a)......................... 13,800 371,761 Nakayama Steel Works, Ltd. (a)......................... 87,212 276,837 Nippon Yakin Kogyo Co., Ltd. (a)......................... 32,000 114,840 OSAKA Titanium Technologies Co. (a)..................... 4,400 140,498 Pacific Metals Co., Ltd. ..... 759 5,362 Sanyo Special Steel Co., Ltd. (a)......................... 43,750 221,707 Sumitomo Light Metal Industries, Ltd. (a)........ 172,135 163,760 Toho Zinc Co., Ltd. (a)....... 41,796 110,627 Tokyo Rope Manufacturing Co., Ltd. (a).................... 157,654 316,303
See accompanying notes to financial statements. 156 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- Tokyo Steel Manufacturing Co., Ltd. (a).................... 27,800 $ 298,255 Yamato Kogyo Co., Ltd. (a).... 13,648 462,797 ------------ 2,799,210 ------------ MULTILINE RETAIL -- 1.7% Don Quijote Co., Ltd. (a)..... 12,300 217,812 H2O Retailing Corp. (a)....... 44,107 263,815 Matsuya Co., Ltd. (a)......... 15,308 262,571 Parco Co., Ltd. (a)........... 25,725 267,512 Ryohin Keikaku Co., Ltd. (a).. 5,700 275,967 ------------ 1,287,677 ------------ OFFICE ELECTRONICS -- 0.2% Riso Kagaku Corp. ............ 15,247 175,642 ------------ OIL, GAS & CONSUMABLE FUELS -- 0.8% Itochu Enex Co, Ltd. ......... 47,104 300,376 Japan Petroleum Exploration Co. (a)..................... 6,925 351,582 ------------ 651,958 ------------ PERSONAL PRODUCTS -- 1.3% Aderans Holdings Co., Ltd. (a)......................... 19,204 301,541 Mandom Corp. ................. 18,545 489,106 Milbon Co., Ltd. (a).......... 8,708 190,294 ------------ 980,941 ------------ PHARMACEUTICALS -- 4.1% Hisamitsu Pharmaceutical Co., Inc. (a).................... 15,900 690,425 Kaken Pharmaceutical Co., Ltd. ....................... 43,428 337,885 Mochida Pharmaceutical Co., Ltd. (a).................... 43,483 443,575 Nichi-iko Pharmaceutical Co., Ltd. ....................... 10,865 260,969 Rohto Pharmaceutical Co., Ltd. ....................... 33,493 376,999 Santen Pharmaceutical Co., Ltd. (a).................... 15,900 399,878 Torii Pharmaceutical Co., Ltd. ....................... 20,800 288,788 Tsumura & Co. (a)............. 14,300 360,985 ------------ 3,159,504 ------------ REAL ESTATE MANAGEMENT & DEVELOPMENT -- 1.6% Aeon Mall Co., Ltd. (a)....... 7,389 215,758 Ardepro Co., Ltd. ............ 48 916 Arealink Co., Ltd. ........... 16 656 Cosmos Initia Co., Ltd. (a)... 14,096 12,082 Creed Corp. (a)............... 80 60,283 Daibiru Corp. (a)............. 24,826 183,567 Heiwa Real Estate Co., Ltd. (a)......................... 61,755 215,225 Joint Corp. (a)............... 8,618 17,453 K.K. DaVinci Holdings (a)(b).. 287 64,069 Kenedix, Inc. (a)............. 149 83,507 Nomura Real Estate Holdings, Inc. (a).................... 12,100 278,665 Pacific Management Corp. (a).. 148 17,007 Shoei Co., Ltd. .............. 9,998 94,739 Suruga Corp. (a)(d)(e)........ 10,689 0 ------------ 1,243,927 ------------ ROAD & RAIL -- 1.9% Nankai Electric Railway Co., Ltd. (a).................... 155,000 597,136 Sagami Railway Co., Ltd. (a).. 155,363 583,901 Sankyu, Inc. ................. 81,830 286,731 ------------ 1,467,768 ------------ SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 1.2% Disco Corp. (a)............... 7,219 206,714 NEC Electronics Corp. (a)(b).. 8,100 162,893 Shinko Electric Industries Co., Ltd. (a)............... 14,300 130,116 SUMCO Corp. (a)............... 5,660 85,781 Tokyo Seimitsu Co., Ltd. (a).. 8,600 102,148 Ulvac, Inc. (a)............... 8,302 227,559 ------------ 915,211 ------------ SOFTWARE -- 2.0% Capcom Co., Ltd. (a).......... 15,634 439,575 DTS Corp. (a)................. 17,332 177,785 Fuji Soft, Inc. (a)........... 17,074 297,366 NSD Co., Ltd. ................ 17,278 138,497 Square Enix Co., Ltd. (a)..... 16,400 472,698 ------------ 1,525,921 ------------ SPECIALTY RETAIL -- 4.9% Aoyama Trading Co., Ltd. (a).. 14,500 189,983 Autobacs Seven Co., Ltd. (a).. 12,888 319,878 Chiyoda Co., Ltd. (a)......... 17,113 229,538 Culture Convenience Club Co., Ltd. (a).................... 42,528 313,257 EDION Corp. (a)............... 25,650 170,332 Gulliver International Co., Ltd. (a).................... 3,443 58,797 Honeys Co., Ltd. (a).......... 8,832 39,765 J Front Retailing Co., Ltd. (a)......................... 27,172 153,309 K's Holdings Corp. (a)........ 13,002 233,672 Nishimatsuya Chain Co., Ltd. (a)......................... 17,266 162,471 Nitori Co., Ltd. (a).......... 8,100 476,089 Point, Inc. (a)............... 5,411 203,362 Right On Co., Ltd. ........... 40 502 Sanrio Co., Ltd. (a).......... 17,305 187,777 Shimachu Co., Ltd. ........... 11,700 260,086 United Arrows, Ltd. (a)....... 17,329 129,765 USS Co., Ltd. ................ 6,760 429,166 Xebio Co., Ltd. (a)........... 10,961 208,555 ------------ 3,766,304 ------------ TEXTILES, APPAREL & LUXURY GOODS -- 2.7% Atsugi Co., Ltd. ............. 299,470 324,392 Daidoh, Ltd. (a).............. 25,911 252,850 Daiwabo Co., Ltd. ............ 635 1,585 Gunze, Ltd. .................. 86,348 333,468 Sanyo Shokai, Ltd. (a)........ 43,516 222,161 Seiko Corp. (a)............... 42,649 138,193 The Japan Wool Textile Co., Ltd. (a).................... 44,170 341,577 Toyobo Co., Ltd. (a).......... 156,000 255,678 Unitika, Ltd. ................ 258,084 216,356 ------------ 2,086,260 ------------ TRADING COMPANIES & DISTRIBUTORS -- 2.4% Hanwa Co., Ltd. .............. 126,032 424,994 Inaba Denki Sangyo Co., Ltd. ....................... 13,763 306,593 Inabata & Co., Ltd. .......... 51,575 180,232 Iwatani Corp. (a)............. 133,422 307,902 MISUMI Group, Inc. (a)........ 21,533 367,115 Okaya & Co., Ltd. ............ 21,605 223,854 ------------ 1,810,690 ------------
See accompanying notes to financial statements. 157 SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- TRANSPORTATION INFRASTRUCTURE -- 1.3% Japan Airport Terminal Co., Ltd. (a).................... 19,148 $ 190,461 Mitsubishi Logistics Corp. (a)......................... 21,000 260,905 Mitsui-Soko Co., Ltd. (a)..... 58,686 259,807 The Sumitomo Warehouse Co., Ltd. (a).................... 70,563 277,826 ------------ 988,999 ------------ TOTAL COMMON STOCKS -- (Cost $107,678,866)......... 76,355,049 ------------ SHORT TERM INVESTMENTS -- 27.2% UNITED STATES -- 27.2% MONEY MARKET FUNDS -- 27.2% State Street Navigator Securities Lending Prime Portfolio (f)(g)............ 20,878,980 20,878,980 STIC Prime Portfolio.......... 90,239 90,239 ------------ TOTAL SHORT TERM INVESTMENTS -- (Cost $20,969,219).......... 20,969,219 ------------ TOTAL INVESTMENTS -- 126.3% (Cost $128,648,085)......... 97,324,268 OTHER ASSETS AND LIABILITIES -- (26.3)%...... (20,266,998) ------------ NET ASSETS -- 100.0%.......... $ 77,057,270 ============
(a) Security, or portion thereof, was on loan at September 30, 2008. (b) Non-income producing security. (c) Amount shown represents less than 0.05% of net assets. (d) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. (e) Company has filed for civil rehabilitation (insolvency). (f) Affiliated Fund managed by SSgA Funds Management, Inc. (Note 3) (g) Investments of cash collateral for securities loaned. See accompanying notes to financial statements. 158 SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.3% AUSTRALIA -- 2.2% Aristocrat Leisure, Ltd. ........ 3,314 $ 16,887 Crown, Ltd. ..................... 4,991 33,464 Fairfax Media, Ltd. ............. 13,723 28,577 Tatts Group, Ltd. ............... 11,364 21,334 ---------- TOTAL AUSTRALIA.................. 100,262 ---------- BELGIUM -- 0.6% S.A. D'Ieteren NV................ 118 26,357 ---------- CANADA -- 3.7% Canadian Tire Corp., Ltd. ....... 627 28,897 Gildan Activewear, Inc. (a)...... 838 18,640 Magna International, Inc. (Class A)............................. 692 35,589 Shaw Communications, Inc. ....... 2,087 42,282 Thomson Reuters Corp. ........... 1,397 38,013 ---------- TOTAL CANADA..................... 163,421 ---------- CHINA -- 2.1% Esprit Holdings, Ltd. ........... 4,700 28,662 Giordano International, Ltd. .... 80,000 27,820 GOME Electrical Appliances Holdings, Ltd. ................ 26,000 7,534 Li & Fung, Ltd. ................. 12,000 28,716 ---------- TOTAL CHINA...................... 92,732 ---------- FINLAND -- 1.0% Nokian Renkaat Oyj............... 561 13,238 SanomaWSOY Oyj................... 1,672 31,213 ---------- TOTAL FINLAND.................... 44,451 ---------- FRANCE -- 11.6% Accor SA......................... 923 48,456 Cie Generale des Etablissements Michelin....................... 705 45,008 Havas SA......................... 9,322 28,807 Hermes International............. 267 42,946 LVMH Moet Hennessy Louis Vuitton SA............................. 745 64,619 PPR.............................. 370 32,579 PSA Peugeot Citroen.............. 829 30,707 Renault SA....................... 787 49,254 Sodexo........................... 588 34,359 Thomson (a)...................... 4,652 16,402 Vivendi.......................... 4,049 125,237 ---------- TOTAL FRANCE..................... 518,374 ---------- GERMANY -- 15.1% Adidas AG........................ 925 48,984 Bayerische Motoren Werke AG...... 1,319 50,561 Continental AG................... 668 66,254 Daimler AG....................... 3,388 168,467 Porsche Automobil Holding SE..... 379 40,353 Premiere AG (a).................. 643 8,535 TUI AG........................... 1,466 24,000 Volkswagen AG.................... 688 268,669 ---------- TOTAL GERMANY.................... 675,823 ---------- GREECE -- 0.9% Jumbo SA......................... 991 15,785 OPAP SA.......................... 874 26,542 ---------- TOTAL GREECE..................... 42,327 ---------- ITALY -- 2.6% Fiat SpA......................... 3,783 49,790 Lottomatica SpA.................. 1,377 35,783 Pirelli & C. SpA................. 55,752 32,343 ---------- TOTAL ITALY...................... 117,916 ---------- JAPAN -- 35.9% Aisin Seiki Co., Ltd. ........... 1,100 26,162 Aoyama Trading Co., Ltd. ........ 2,000 26,205 Benesse Corp. ................... 600 24,245 Bridgestone Corp. ............... 3,100 57,232 Casio Computer Co., Ltd. ........ 1,900 17,575 Denso Corp. ..................... 1,700 40,673 Dentsu, Inc. .................... 15 29,657 Fast Retailing Co., Ltd. ........ 300 29,812 Fuji Heavy Industries, Ltd. ..... 6,000 29,445 Gunze, Ltd. ..................... 10,000 38,619 Honda Motor Co., Ltd. ........... 5,400 157,170 Isetan Mitsukoshi Holdings, Ltd. (a)............................ 2,600 29,927 Isuzu Motors, Ltd. .............. 6,000 16,050 Makita Corp. .................... 900 17,802 Matsushita Electric Industrial Co., Ltd. ..................... 7,000 118,354 Mazda Motor Corp. ............... 5,000 19,686 Mitsubishi Motors Corp. (a)...... 17,000 27,862 Namco Bandai Holdings, Inc. ..... 2,000 21,570 Nikon Corp. ..................... 1,000 23,124 Nissan Motor Co., Ltd. .......... 8,000 52,522 Pioneer Corp. ................... 3,000 19,300 Rakuten, Inc. ................... 31 17,053 Resorttrust, Inc. ............... 3,200 29,750 Sanyo Electric Co., Ltd. (a)..... 10,000 16,861 Sekisui Chemical Co., Ltd. ...... 4,000 23,398 Sekisui House, Ltd. ............. 4,000 35,944 Sharp Corp. ..................... 4,000 42,425 Shimano, Inc. ................... 600 20,402 Sony Corp. ...................... 3,700 110,479 Stanley Electric Co., Ltd. ...... 1,200 17,203 Sumitomo Forestry Co., Ltd. ..... 3,400 19,376 Suzuki Motor Corp. .............. 1,800 32,519 Toyobo Co., Ltd. ................ 17,000 27,862 Toyota Motor Corp. .............. 8,600 354,806 Yamada Denki Co., Ltd. .......... 500 37,253 ---------- TOTAL JAPAN...................... 1,608,323 ---------- LUXEMBOURG -- 0.7% SES.............................. 1,421 29,042 ---------- NETHERLANDS -- 2.0% Reed Elsevier NV................. 3,490 51,615 Wolters Kluwer NV................ 1,892 37,831 ---------- TOTAL NETHERLANDS................ 89,446 ---------- NORWAY -- 0.4% Schibsted ASA.................... 1,035 18,863 ---------- SOUTH KOREA -- 2.1% Hyundai Motor Co. ............... 837 50,971 LG Electronics, Inc. ............ 472 42,235 ---------- TOTAL SOUTH KOREA................ 93,206 ----------
See accompanying notes to financial statements. 159 SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SPAIN -- 1.8% Industria de Diseno Textil SA.... 882 $ 36,783 La Seda de Barcelona SA (Class B)............................. 15,959 15,019 NH Hoteles SA.................... 2,406 28,051 ---------- TOTAL SPAIN...................... 79,853 ---------- SWEDEN -- 3.1% Electrolux AB.................... 3,140 35,914 Eniro AB......................... 10,320 35,373 Hennes & Mauritz AB (Class B)... 1,676 66,821 ---------- TOTAL SWEDEN..................... 138,108 ---------- SWITZERLAND -- 1.8% Cie Financiere Richemont SA (Class A)...................... 974 42,478 Swatch Group AG.................. 209 37,932 ---------- TOTAL SWITZERLAND................ 80,410 ---------- UNITED KINGDOM -- 11.7% British Sky Broadcasting Group PLC............................ 5,280 39,010 Carnival PLC..................... 1,158 34,284 Compass Group PLC................ 8,251 50,592 Enterprise Inns PLC.............. 4,020 12,790 Home Retail Group PLC............ 5,694 23,546 Inchcape PLC..................... 4,711 15,745 Kingfisher PLC................... 15,757 36,989 Marks & Spencer Group PLC........ 7,561 27,156 Next PLC......................... 1,676 30,442 Pearson PLC...................... 4,836 51,720 Reed Elsevier PLC................ 5,517 54,577 Thomson Reuters PLC.............. 1,189 26,301 Tui Travel PLC................... 7,923 30,434 Virgin Media, Inc. .............. 1,732 13,683 Whitbread PLC.................... 1,637 30,871 WPP Group PLC.................... 5,619 44,870 ---------- TOTAL UNITED KINGDOM............. 523,010 ---------- TOTAL COMMON STOCKS -- (Cost $5,092,987).............. 4,441,924 ---------- SHORT TERM INVESTMENTS -- 0.4% UNITED STATES -- 0.4% MONEY MARKET FUND -- 0.4% STIC Prime Portfolio (Cost $20,190)................. 20,190 20,190 ---------- TOTAL INVESTMENTS -- 99.7% (Cost $5,113,177).............. 4,462,114 OTHER ASSETS AND LIABILITIES -- 0.3%............ 12,491 ---------- NET ASSETS -- 100.0%............. $4,474,605 ==========
(a) Non-income producing security. ADR = American Depositary Receipt See accompanying notes to financial statements. 160 SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ---------- COMMON STOCKS -- 98.0% AUSTRALIA -- 7.0% Coca-Cola Amatil, Ltd. .......... 8,129 $ 52,900 Foster's Group, Ltd. ............ 15,316 66,689 Wesfarmers, Ltd. ................ 4,345 97,610 Woolworths, Ltd. ................ 6,805 146,004 ---------- TOTAL AUSTRALIA.................. 363,203 ---------- BELGIUM -- 2.4% Delhaize Group................... 836 48,140 InBev NV......................... 1,279 75,158 ---------- TOTAL BELGIUM.................... 123,298 ---------- CANADA -- 2.9% Loblaw Co., Ltd. ................ 1,585 44,276 Shoppers Drug Mart Corp. ........ 1,867 90,172 Viterra, Inc. (a)................ 1,572 15,037 ---------- TOTAL CANADA..................... 149,485 ---------- DENMARK -- 1.3% Carlsberg A/S (Class B)......... 921 69,008 ---------- FINLAND -- 0.5% Kesko Oyj (Class B)............. 924 23,258 ---------- FRANCE -- 12.0% Carrefour SA..................... 3,261 151,617 Casino Guichard-Perrachon SA..... 470 41,361 Groupe Danone.................... 2,969 208,520 L'Oreal SA....................... 1,188 115,559 Pernod -- Ricard SA.............. 1,177 102,139 ---------- TOTAL FRANCE..................... 619,196 ---------- GERMANY -- 1.1% Beiersdorf AG.................... 901 56,711 ---------- GREECE -- 0.3% Alapis Holding Industrial and Commercial SA.................. 6,089 12,744 ---------- IRELAND -- 1.0% Kerry Group PLC (Class A)....... 1,703 49,756 ---------- ITALY -- 0.8% Parmalat SpA..................... 17,146 39,980 ---------- JAPAN -- 15.4% Aeon Co., Ltd. .................. 4,500 44,633 Ajinomoto Co., Inc. ............. 7,000 65,869 Asahi Breweries, Ltd. ........... 3,700 64,127 Japan Tobacco, Inc. ............. 28 103,914 Kao Corp. ....................... 4,000 106,438 Kirin Holdings Co., Ltd. ........ 6,000 77,822 Lawson, Inc. .................... 1,100 50,563 Nichirei Corp. .................. 10,000 51,995 Seven & I Holdings Co., Ltd. .... 4,800 135,412 Shiseido Co., Ltd. .............. 3,000 66,265 UNY Co., Ltd. ................... 3,000 29,840 ---------- TOTAL JAPAN...................... 796,878 ---------- LUXEMBOURG -- 0.2% Oriflame Cosmetics SA SDR........ 232 10,564 ---------- NETHERLANDS -- 8.6% Heineken NV...................... 2,037 81,103 Koninklijke Ahold NV............. 7,126 81,347 Unilever NV...................... 10,139 282,841 ---------- TOTAL NETHERLANDS................ 445,291 ---------- NORWAY -- 0.1% Marine Harvest (a)............... 15,432 7,491 ---------- SINGAPORE -- 0.4% Golden Agri-Resources, Ltd. ..... 42,000 9,254 Wilmar International, Ltd. ...... 7,000 12,289 ---------- TOTAL SINGAPORE.................. 21,543 ---------- SPAIN -- 1.8% Ebro Puleva SA................... 3,362 52,608 SOS Cuetara SA................... 2,234 37,656 ---------- TOTAL SPAIN...................... 90,264 ---------- SWEDEN -- 1.0% Swedish Match AB................. 3,090 53,178 ---------- SWITZERLAND -- 11.1% Lindt & Spruengli AG............. 24 58,007 Nestle SA........................ 11,972 514,649 ---------- TOTAL SWITZERLAND................ 572,656 ---------- UNITED KINGDOM -- 30.1% British American Tobacco PLC..... 7,163 234,287 Cadbury PLC...................... 8,457 85,244 Diageo PLC....................... 13,815 232,702 Imperial Tobacco Group PLC....... 5,572 178,474 J Sainsbury PLC.................. 7,639 47,384 Reckitt Benckiser PLC............ 3,571 172,559 SABMiller PLC.................... 3,573 69,164 Tate & Lyle PLC.................. 3,592 24,394 Tesco PLC........................ 37,361 258,119 Unilever PLC..................... 7,139 193,673 William Morrison Supermarkets PLC............................ 12,075 55,637 ---------- TOTAL UNITED KINGDOM............. 1,551,637 ---------- TOTAL COMMON STOCKS -- (Cost $5,393,385).............. 5,056,141 ---------- PREFERRED STOCKS -- 1.3% GERMANY -- 1.3% Henkel AG & Co. KGaA (Cost $70,891)................. 1,914 69,498 ---------- SHORT TERM INVESTMENTS -- 0.5% UNITED STATES -- 0.5% MONEY MARKET FUND -- 0.5% STIC Prime Portfolio (Cost $24,306)................. 24,306 24,306 ---------- TOTAL INVESTMENTS -- 99.8% (Cost $5,488,582).............. 5,149,945 OTHER ASSETS AND LIABILITIES -- 0.2%............ 10,268 ---------- NET ASSETS -- 100.0%............. $5,160,213 ==========
(a) Non-income producing security. See accompanying notes to financial statements. 161 SPDR S&P INTERNATIONAL ENERGY SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.4% AUSTRALIA -- 4.7% Origin Energy, Ltd. ............. 4,670 $ 59,344 Santos, Ltd. .................... 3,576 53,872 Woodside Petroleum, Ltd. ........ 2,196 88,343 WorleyParsons, Ltd. ............. 1,428 34,130 ---------- TOTAL AUSTRALIA.................. 235,689 ---------- AUSTRIA -- 0.6% OMV AG........................... 729 30,034 ---------- CANADA -- 27.2% Bonavista Energy Trust........... 1,398 34,569 Cameco Corp. .................... 2,096 45,461 Canadian Natural Resources, Ltd. .......................... 2,329 159,911 Canadian Oil Sands Trust......... 1,165 42,471 Enbridge, Inc. .................. 1,630 60,374 EnCana Corp. .................... 3,261 208,444 Enerplus Resources Fund.......... 1,165 42,581 Husky Energy, Inc. .............. 1,630 67,763 Imperial Oil, Ltd. .............. 1,630 69,879 Nexen, Inc. ..................... 2,795 64,933 Niko Resources, Ltd. ............ 466 25,075 OPTI Canada, Inc. (a)............ 2,096 21,784 Penn West Energy Trust........... 1,398 33,692 Petro-Canada..................... 2,329 77,546 Provident Energy Trust........... 4,659 41,629 Suncor Energy, Inc. ............. 3,960 163,883 Talisman Energy, Inc. ........... 5,590 78,971 TransCanada Corp. ............... 2,329 83,613 Vermilion Energy Trust........... 1,165 37,321 ---------- TOTAL CANADA..................... 1,359,900 ---------- FRANCE -- 13.2% Bourbon SA....................... 771 37,840 Cie Generale de Geophysique- Veritas (a).................... 983 30,570 Technip SA....................... 699 38,655 Total SA......................... 9,275 554,738 ---------- TOTAL FRANCE..................... 661,803 ---------- ITALY -- 6.4% Eni SpA.......................... 9,317 243,420 Saipem SpA....................... 1,451 42,618 Saras SpA........................ 8,835 36,393 ---------- TOTAL ITALY...................... 322,431 ---------- JAPAN -- 2.3% Inpex Holdings, Inc. ............ 5 42,198 Nippon Mining Holdings, Inc. .... 7,000 27,627 Nippon Oil Corp. ................ 9,000 44,506 ---------- TOTAL JAPAN...................... 114,331 ---------- NETHERLANDS -- 0.6% SBM Offshore NV.................. 1,374 28,989 ---------- NORWAY -- 3.3% Aker Solutions ASA............... 2,634 41,611 StatoilHydro ASA................. 5,357 125,854 ---------- TOTAL NORWAY..................... 167,465 ---------- PAPUA NEW GUINEA -- 0.7% Oil Search, Ltd. ................ 7,668 33,872 ---------- PORTUGAL -- 0.8% Galp Energia SGPS SA (Class B)... 2,558 41,824 ---------- SPAIN -- 4.0% Cia Espanola de Petroleos SA..... 727 71,074 Repsol YPF SA.................... 4,409 129,436 ---------- TOTAL SPAIN...................... 200,510 ---------- UNITED KINGDOM -- 34.6% Amec PLC......................... 2,874 32,606 BG Group PLC..................... 13,824 249,608 BP PLC........................... 77,332 639,579 Cairn Energy PLC (a)............. 757 27,958 Royal Dutch Shell PLC (Class A).. 13,787 397,617 Royal Dutch Shell PLC (Class B).. 12,061 339,240 Tullow Oil PLC................... 3,892 49,463 ---------- TOTAL UNITED KINGDOM............. 1,736,071 ---------- TOTAL COMMON STOCKS -- (Cost $6,245,130).............. 4,932,919 ---------- SHORT TERM INVESTMENTS -- 0.7% UNITED STATES -- 0.7% MONEY MARKET FUND -- 0.7% STIC Prime Portfolio (Cost $33,451)................. 33,451 33,451 ---------- TOTAL INVESTMENTS -- 99.1% (Cost $6,278,581).............. 4,966,370 OTHER ASSETS AND LIABILITIES -- 0.9%............ 47,333 ---------- NET ASSETS -- 100.0%............. $5,013,703 ==========
(a) Non-income producing security. See accompanying notes to financial statements. 162 SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.6% AUSTRALIA -- 10.8% AMP, Ltd. ...................... 5,215 $ 28,713 Australia & New Zealand Banking Group, Ltd. .................. 3,439 50,863 Commonwealth Bank of Australia.. 2,215 74,465 Commonwealth Property Office Fund.......................... 41,535 47,178 Macquarie Group, Ltd. .......... 780 22,765 National Australia Bank, Ltd. .. 2,749 52,606 QBE Insurance Group, Ltd. ...... 2,174 45,447 St. George Bank, Ltd. .......... 1,446 32,621 Westfield Group................. 3,883 50,967 Westpac Banking Corp. .......... 3,399 57,591 ---------- TOTAL AUSTRALIA................. 463,216 ---------- AUSTRIA -- 0.7% Atrium European Real Estate, Ltd. (a)...................... 2,627 19,373 Raiffeisen International Bank- Holding AG.................... 175 12,283 ---------- TOTAL AUSTRIA................... 31,656 ---------- BELGIUM -- 1.9% Gimv NV......................... 647 30,072 KBC Groep NV.................... 409 34,315 RHJ International (a)........... 2,069 18,658 ---------- TOTAL BELGIUM................... 83,045 ---------- CANADA -- 12.1% Bank of Montreal................ 1,044 45,120 Bank of Nova Scotia............. 1,616 72,957 Brookfield Asset Management, Inc. (Class A)............... 1,313 35,431 Canadian Imperial Bank of Commerce...................... 751 43,144 Manulife Financial Corp. ....... 2,424 87,275 Royal Bank of Canada............ 2,128 101,076 Sun Life Financial, Inc. ....... 1,247 43,631 TMX Group, Inc. ................ 586 15,984 Toronto-Dominion Bank........... 1,276 76,906 ---------- TOTAL CANADA.................... 521,524 ---------- CHINA -- 5.3% Bank of East Asia, Ltd. ........ 6,246 19,307 Cheung Kong Holdings, Ltd. ..... 5,000 55,542 GZI REIT........................ 227,000 72,213 Hong Kong Exchanges and Clearing, Ltd. ............... 2,300 27,579 New World Development Co., Ltd. ......................... 10,000 10,883 Sun Hung Kai Properties, Ltd. .. 4,000 40,390 ---------- TOTAL CHINA..................... 225,914 ---------- DENMARK -- 0.6% Jyske Bank A/S (a).............. 519 25,550 ---------- FINLAND -- 1.0% Sponda Oyj...................... 3,510 20,904 Technopolis Oyj................. 3,430 23,512 ---------- TOTAL FINLAND................... 44,416 ---------- FRANCE -- 7.6% AXA............................. 2,539 81,653 BNP Paribas SA.................. 1,252 116,210 Societe Generale................ 917 79,860 Store Electronic (a)............ 782 13,620 Unibail-Rodamco................. 172 34,336 ---------- TOTAL FRANCE.................... 325,679 ---------- GERMANY -- 6.0% Allianz SE...................... 682 92,234 Commerzbank AG.................. 1,339 19,561 Deutsche Bank AG................ 841 58,516 Deutsche Boerse AG.............. 361 32,387 Hypo Real Estate Holding AG..... 673 3,923 Muenchener Rueckversicherungs- Gesellschaft AG............... 347 51,768 ---------- TOTAL GERMANY................... 258,389 ---------- IRELAND -- 0.8% Bank of Ireland................. 6,144 34,089 ---------- ITALY -- 7.8% Assicurazioni Generali SpA...... 1,679 55,139 Banca Monte dei Paschi di Siena SpA........................... 13,544 33,103 Banca Popolare dell'Etruria e del Lazio Scrl................ 3,307 25,641 Banco Popolare Societa Cooperativa Scarl............. 1,519 23,236 Intesa Sanpaolo SpA............. 15,882 85,777 UniCredit SpA................... 19,618 71,578 Unione di Banche Italiane ScpA.. 1,779 38,533 ---------- TOTAL ITALY..................... 333,007 ---------- JAPAN -- 16.6% Chuo Mitsui Trust Holdings, Inc. ......................... 3,000 15,542 Daito Trust Construction Co., Ltd. ......................... 600 21,872 Daiwa House Industry Co., Ltd. ......................... 3,000 27,919 Daiwa Securities Group, Inc. ... 4,000 27,806 Mitsubishi Estate Co., Ltd. .... 2,000 37,865 Mitsubishi UFJ Financial Group, Inc. ......................... 14,300 120,283 Mitsui Fudosan Co., Ltd. ....... 2,000 36,942 Mitsui Sumitomo Insurance Group Holdings, Inc. ............... 900 29,586 Mizuho Financial Group, Inc. ... 17 70,777 Nomura Holdings, Inc. .......... 3,800 47,462 ORIX Corp. ..................... 220 26,069 Resona Holdings, Inc. .......... 14 17,947 Sompo Japan Insurance, Inc. .... 3,000 24,499 Sumitomo Mitsui Financial Group, Inc. ......................... 12 71,210 Sumitomo Realty & Development Co., Ltd. .................... 1,000 20,864 T&D Holdings, Inc. ............. 500 25,715 The Bank of Yokohama, Ltd. ..... 4,000 18,914 The Sumitomo Trust & Banking Co., Ltd. .................... 4,000 25,244 Tokio Marine Holdings, Inc. .... 1,300 45,797 ---------- TOTAL JAPAN..................... 712,313 ---------- NETHERLANDS -- 3.1% Aegon NV........................ 2,940 25,604 Fortis.......................... 3,678 22,215 ING Groep NV.................... 3,259 68,346 Van Lanschot NV................. 267 18,414 ---------- TOTAL NETHERLANDS............... 134,579 ---------- NORWAY -- 1.2% Sparebanken More................ 982 28,651 Sparebanken Rogaland............ 3,468 22,583 ---------- TOTAL NORWAY.................... 51,234 ----------
See accompanying notes to financial statements. 163 SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- PORTUGAL -- 0.4% Banco Comercial Portugues SA.... 11,226 $ 18,008 ---------- SINGAPORE -- 3.0% City Developments, Ltd. ........ 4,000 24,593 Oversea-Chinese Banking Corp., Ltd. ......................... 11,000 55,165 United Overseas Bank, Ltd. ..... 4,000 47,003 ---------- TOTAL SINGAPORE................. 126,761 ---------- SPAIN -- 8.9% Banco Bilbao Vizcaya Argentaria SA............................ 5,713 91,964 Banco de Andalucia SA........... 439 26,701 Banco de Sabadell SA............ 3,980 30,468 Banco Guipuzcoano SA............ 1,769 16,648 Banco Pastor SA................. 1,785 15,169 Banco Popular Espanol SA........ 3,651 42,514 Banco Santander SA.............. 8,826 130,173 Corporacion Financiera Alba SA.. 662 26,846 ---------- TOTAL SPAIN..................... 380,483 ---------- SWEDEN -- 2.2% Investor AB..................... 2,889 52,723 Nordea Bank AB.................. 3,725 43,326 ---------- TOTAL SWEDEN.................... 96,049 ---------- SWITZERLAND -- 7.0% Credit Suisse Group AG.......... 1,648 73,343 Julius Baer Holding AG.......... 503 24,404 Swiss Life Holding (a).......... 102 14,637 Swiss Reinsurance............... 735 39,790 UBS AG (a)...................... 4,639 76,375 Zurich Financial Services AG.... 257 70,138 ---------- TOTAL SWITZERLAND............... 298,687 ---------- UNITED KINGDOM -- 2.6% Barclays PLC.................... 13,121 76,360 HBOS PLC........................ 7,077 15,440 Man Group PLC................... 3,465 20,799 ---------- TOTAL UNITED KINGDOM............ 112,599 ---------- TOTAL COMMON STOCKS -- (Cost $4,886,564)............. 4,277,198 ---------- SHORT TERM INVESTMENTS -- 0.4% UNITED STATES -- 0.4% MONEY MARKET FUND -- 0.4% STIC Prime Portfolio (Cost $17,675)................ 17,675 17,675 ---------- TOTAL INVESTMENTS -- 100.0% (Cost $4,904,239)............. 4,294,873 OTHER ASSETS AND LIABILITIES -- 0.0% (B)....... 422 ---------- NET ASSETS -- 100.0%............ $4,295,295 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. See accompanying notes to financial statements. 164 SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 97.3% AUSTRALIA -- 3.9% Cochlear, Ltd. .................. 439 $ 20,535 CSL, Ltd. ....................... 4,764 140,168 Primary Health Care, Ltd. ....... 3,501 14,222 Sonic Healthcare, Ltd. .......... 4,669 48,246 ---------- TOTAL AUSTRALIA.................. 223,171 ---------- BELGIUM -- 0.9% UCB SA........................... 1,463 51,149 ---------- CANADA -- 0.4% MDS, Inc. (a).................... 1,671 19,976 ---------- DENMARK -- 5.3% Coloplast A/S (Class B)......... 533 38,883 Genmab A/S (a)................... 279 15,757 H. Lundbeck A/S.................. 1,021 19,270 Novo-Nordisk A/S (Class B)...... 4,174 212,951 William Demant A/S (a)........... 311 13,759 ---------- TOTAL DENMARK.................... 300,620 ---------- FINLAND -- 0.5% Orion Oyj (Class A)............. 919 15,749 Orion Oyj (Class B)............. 900 15,107 ---------- TOTAL FINLAND.................... 30,856 ---------- FRANCE -- 8.8% bioMerieux....................... 279 23,953 Essilor International SA......... 2,219 109,435 Ipsen SA......................... 524 23,436 Orpea (a)........................ 848 35,377 Sanofi-Aventis................... 4,674 305,616 ---------- TOTAL FRANCE..................... 497,817 ---------- GERMANY -- 10.3% Bayer AG......................... 3,871 281,657 Celesio AG....................... 1,236 53,317 Fresenius Medical Care AG & Co. KGaA........................... 2,145 110,486 Fresenius SE..................... 326 23,761 Merck KGaA....................... 588 62,276 Rhoen-Klinikum AG................ 913 26,418 Stada Arzneimittel AG............ 692 27,489 ---------- TOTAL GERMANY.................... 585,404 ---------- IRELAND -- 0.6% Elan Corp. PLC (a)............... 3,348 34,565 ---------- ITALY -- 0.3% Recordati SpA.................... 2,614 15,972 ---------- JAPAN -- 19.2% Alfresa Holdings Corp. .......... 200 9,551 Astellas Pharma, Inc. ........... 3,400 139,952 Chugai Pharmaceutical Co., Ltd. .......................... 2,125 34,067 Daiichi Sankyo Co., Ltd. ........ 5,100 129,464 Dainippon Sumitomo Pharma Co., Ltd. .......................... 1,000 8,091 Eisai Co., Ltd. ................. 2,400 92,460 Hisamitsu Pharmaceutical Co., Inc. .......................... 600 26,054 Kyowa Hakko Kogyo Co., Ltd. ..... 2,422 24,958 Mediceo Paltac Holdings Co., Ltd. .......................... 1,600 19,336 Mitsubishi Tanabe Pharma Corp. .. 2,000 27,448 Olympus Corp. ................... 2,000 57,081 Ono Pharmaceutical Co., Ltd. .... 1,200 54,933 Shionogi & Co., Ltd. ............ 3,000 60,048 Suzuken Co., Ltd. ............... 700 21,165 Taisho Pharmaceutical Co., Ltd. .......................... 2,000 39,090 Takeda Pharmaceutical Co., Ltd. .......................... 5,600 276,928 Terumo Corp. .................... 1,400 71,869 ---------- TOTAL JAPAN...................... 1,092,495 ---------- NETHERLANDS -- 1.0% OPG Groep NV..................... 1,126 15,389 Qiagen NV (a).................... 2,154 42,087 ---------- TOTAL NETHERLANDS................ 57,476 ---------- NEW ZEALAND -- 0.4% Fisher & Paykel Healthcare Corp., Ltd. .......................... 10,469 20,487 ---------- SINGAPORE -- 0.4% Parkway Holdings, Ltd. .......... 16,000 21,039 ---------- SPAIN -- 0.9% Faes Farma SA.................... 1,707 12,828 Grifols SA....................... 1,583 40,024 ---------- TOTAL SPAIN...................... 52,852 ---------- SWEDEN -- 1.4% Elekta AB (Class B)............. 737 12,340 Getinge AB (Class B)............ 2,643 53,446 Meda AB (Class A)............... 1,635 15,593 ---------- TOTAL SWEDEN..................... 81,379 ---------- SWITZERLAND -- 25.2% Acino Holding AG................. 67 12,847 Actelion, Ltd. (a)............... 1,072 54,592 Bachem Holding AG (Class B)..... 497 39,228 Basilea Pharmaceutica AG (a)..... 120 17,659 Coltene Holding AG............... 224 15,043 Galenica AG...................... 78 27,687 Lonza Group AG................... 496 61,754 Nobel Biocare Holding AG......... 1,737 57,412 Novartis AG...................... 8,709 454,771 Roche Holding AG................. 3,110 484,131 Sonova Holding AG................ 727 46,684 Straumann Holding AG............. 116 31,864 Synthes, Inc. ................... 804 110,427 Tecan Group AG................... 314 15,542 ---------- TOTAL SWITZERLAND................ 1,429,641 ---------- UNITED KINGDOM -- 17.8% AstraZeneca PLC.................. 7,015 307,595 Consort Medical PLC.............. 1,395 13,253 GlaxoSmithKline PLC.............. 21,719 468,814 Hikma Pharmaceuticals PLC........ 2,154 15,367 Shire, Ltd. ..................... 5,683 89,496 Smith & Nephew PLC............... 7,997 84,242 SSL International PLC............ 3,749 29,954 ---------- TOTAL UNITED KINGDOM............. 1,008,721 ---------- TOTAL COMMON STOCKS -- (Cost $6,022,485) 5,523,620 ---------- PREFERRED STOCKS -- 1.2% GERMANY -- 1.2% Fresenius SE (Cost $79,650)................. 973 69,963 ----------
See accompanying notes to financial statements. 165 SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SHORT TERM INVESTMENTS -- 0.3% UNITED STATES -- 0.3% MONEY MARKET FUND -- 0.3% STIC Prime Portfolio (Cost $14,817)................. 14,817 $ 14,817 ---------- TOTAL INVESTMENTS -- 98.8% (Cost $6,116,952) 5,608,400 OTHER ASSETS AND LIABILITIES -- 1.2%............ 67,344 ---------- NET ASSETS -- 100.0%............. $5,675,744 ==========
(a) Non-income producing security. See accompanying notes to financial statements. 166 SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 98.8% AUSTRALIA -- 3.9% Brambles, Ltd. .................. 5,970 $ 36,260 GWA International, Ltd. ......... 14,235 31,440 Leighton Holdings, Ltd. ......... 581 17,209 Macquarie Infrastructure Group... 15,750 28,699 Toll Holdings, Ltd. ............. 4,321 23,654 Transurban Group................. 7,599 33,447 Virgin Blue Holdings, Ltd. ...... 4,321 1,074 ---------- TOTAL AUSTRALIA.................. 171,783 ---------- AUSTRIA -- 0.9% Andritz AG....................... 455 19,173 Zumtobel AG...................... 1,352 18,972 ---------- TOTAL AUSTRIA.................... 38,145 ---------- BELGIUM -- 0.7% Bekaert NV....................... 233 30,750 ---------- CANADA -- 4.8% Bombardier, Inc. ................ 4,976 27,052 CAE, Inc. ....................... 2,290 18,308 Canadian National Railway Co. ... 1,538 73,457 Canadian Pacific Railway, Ltd. .. 649 34,837 SNC-Lavalin Group, Inc. ......... 721 26,095 Toromont Industries, Ltd. ....... 1,304 32,330 ---------- TOTAL CANADA..................... 212,079 ---------- CHINA -- 2.3% Hopewell Highway Infrastructure, Ltd. .......................... 48,000 33,198 Hutchison Whampoa, Ltd. ......... 6,000 45,438 Jardine Matheson Holdings, Ltd. .......................... 943 24,518 ---------- TOTAL CHINA...................... 103,154 ---------- DENMARK -- 2.7% A P Moller -- Maersk A/S......... 5 42,735 FLSmidth & Co. A/S............... 275 13,616 NKT Holding A/S.................. 356 16,420 Vestas Wind Systems A/S (a)...... 563 47,802 ---------- TOTAL DENMARK.................... 120,573 ---------- FINLAND -- 1.6% Kone Oyj (Class B).............. 1,012 27,009 Metso Oyj........................ 648 15,537 Wartsila Oyj (Class B).......... 455 18,828 YIT Oyj.......................... 943 9,670 ---------- TOTAL FINLAND.................... 71,044 ---------- FRANCE -- 7.9% Air France-KLM................... 1,368 30,735 Alstom SA........................ 627 46,471 Bouygues SA...................... 963 42,948 Cie de Saint-Gobain.............. 924 46,912 Eiffage SA....................... 273 14,376 Schneider Electric SA............ 698 59,067 Vallourec SA..................... 180 38,194 Vinci SA......................... 1,496 69,303 ---------- TOTAL FRANCE..................... 348,006 ---------- GERMANY -- 10.0% Deutsche Lufthansa AG............ 1,611 31,228 Deutsche Post AG................. 2,504 51,985 GEA Group AG..................... 877 16,827 Hochtief AG...................... 279 13,117 Kloeckner & Co. AG............... 445 10,045 MAN AG........................... 358 23,785 Pfeiffer Vacuum Technology AG.... 308 24,474 Q-Cells AG (a)................... 165 13,579 SGL Carbon AG (a)................ 331 12,684 Siemens AG....................... 2,498 230,705 Solarworld AG.................... 362 14,954 ---------- TOTAL GERMANY.................... 443,383 ---------- IRELAND -- 0.6% DCC PLC.......................... 1,308 24,987 ---------- ITALY -- 2.1% Ansaldo STS SpA.................. 2,741 38,425 Autostrada Torino-Milano SpA..... 2,001 21,628 Finmeccanica SpA................. 1,496 32,025 ---------- TOTAL ITALY...................... 92,078 ---------- JAPAN -- 29.1% Asahi Glass Co., Ltd. ........... 4,000 34,512 Central Japan Railway Co. ....... 6 56,233 Daikin Industries, Ltd. ......... 900 29,416 East Japan Railway Co. .......... 10 74,036 Fanuc, Ltd. ..................... 600 43,743 Futaba Corp. .................... 2,300 40,036 Hankyu Hanshin Holdings, Inc. ... 7,000 31,978 IHI Corp. ....................... 12,000 18,311 Itochu Corp. .................... 5,000 29,294 Iwatani Corp. ................... 14,000 32,308 Jgc Corp. ....................... 1,000 15,580 Kajima Corp. .................... 7,000 20,638 Kamigumi Co., Ltd. .............. 6,000 44,308 Kawasaki Heavy Industries, Ltd. .......................... 11,000 22,587 Kawasaki Kisen Kaisha, Ltd. ..... 3,000 17,859 Kokuyo Co., Ltd. ................ 3,800 29,351 Komatsu, Ltd. ................... 2,700 42,599 Kubota Corp. .................... 5,000 30,519 Marubeni Corp. .................. 5,000 22,041 MEITEC Corp. .................... 1,600 42,425 MISUMI Group, Inc. .............. 2,000 34,098 Mitsubishi Corp. ................ 4,100 83,224 Mitsubishi Electric Corp. ....... 6,000 39,052 Mitsubishi Heavy Industries, Ltd. .......................... 12,000 50,412 Mitsui & Co., Ltd. .............. 5,000 60,189 Mitsui OSK Lines, Ltd. .......... 4,000 33,307 NGK Insulators, Ltd. ............ 1,000 11,868 Nippon Sheet Glass Co., Ltd. .... 5,000 25,197 Nippon Yusen KK.................. 4,000 25,168 Secom Co., Ltd. ................. 1,000 40,974 Sojitz Corp. .................... 6,000 13,451 Sumitomo Corp. .................. 3,900 35,303 Sumitomo Electric Industries, Ltd. .......................... 2,900 30,949 Sumitomo Heavy Industries, Ltd. .......................... 4,000 18,424 The Japan Steel Works, Ltd. ..... 2,000 24,170 THK Co., Ltd. ................... 1,400 21,271 Tokyu Corp. ..................... 6,000 28,145 Yamato Holdings Co., Ltd. ....... 3,000 33,231 ---------- TOTAL JAPAN...................... 1,286,207 ----------
See accompanying notes to financial statements. 167 SPDR(R) S&P(R) INTERNATIONAL INDUSTRIAL SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- NETHERLANDS -- 4.5% Aalberts Industries NV........... 1,457 $ 18,337 European Aeronautic Defence and Space Co. NV................... 1,861 31,369 Koninklijke (Royal) Philips Electronics NV................. 2,829 75,839 Koninklijke BAM Groep NV......... 1,225 15,555 Randstad Holding NV.............. 677 17,550 TNT NV........................... 1,450 39,716 ---------- TOTAL NETHERLANDS................ 198,366 ---------- NORWAY -- 1.0% Orkla ASA........................ 3,552 31,781 Renewable Energy Corp AS (a)..... 638 11,385 ---------- TOTAL NORWAY..................... 43,166 ---------- SINGAPORE -- 2.4% Fraser and Neave, Ltd. .......... 11,000 27,313 Haw Par Corp., Ltd. ............. 12,000 38,610 Keppel Corp., Ltd. .............. 5,000 27,453 Neptune Orient Lines, Ltd. ...... 9,000 11,268 ---------- TOTAL SINGAPORE.................. 104,644 ---------- SPAIN -- 3.1% Abertis Infraestructuras SA...... 1,924 37,349 ACS, Actividades de Construccion y Servicios SA................. 1,025 40,990 Gamesa Corp. Tecnologica SA...... 657 22,167 Grupo Ferrovial SA............... 506 22,915 Sacyr Vallehermoso SA............ 778 12,666 ---------- TOTAL SPAIN...................... 136,087 ---------- SWEDEN -- 4.6% Alfa Laval AB.................... 1,813 18,266 Atlas Copco AB (Class B)........ 3,461 34,125 B&B Tools AB..................... 1,164 19,573 Sandvik AB....................... 3,464 35,769 Securitas AB (Class B).......... 2,464 27,121 Trelleborg AB (Class B)......... 2,240 30,519 Volvo AB ADR (Class A).......... 4,662 38,612 ---------- TOTAL SWEDEN..................... 203,985 ---------- SWITZERLAND -- 5.9% ABB, Ltd. (a).................... 6,498 122,397 Adecco SA........................ 626 26,932 Geberit AG....................... 220 26,763 Kaba Holding AG.................. 109 28,751 Kuehne & Nagel International AG.. 354 23,253 SGS SA........................... 27 31,497 ---------- TOTAL SWITZERLAND................ 259,593 ---------- UNITED KINGDOM -- 10.7% Aggreko PLC...................... 1,867 18,087 Babcock International Group PLC.. 2,122 18,874 BAE Systems PLC.................. 10,791 79,246 British Airways PLC.............. 4,906 14,709 Capita Group PLC................. 3,805 47,340 Charter PLC...................... 999 11,013 De La Rue PLC.................... 2,022 32,509 Experian PLC..................... 4,685 30,689 FirstGroup PLC................... 3,352 31,816 Intertek Group PLC............... 1,561 23,191 Invensys PLC (a)................. 3,313 12,120 Rentokil Initial PLC............. 13,709 16,861 Rolls-Royce Group PLC (a)........ 6,999 41,980 Serco Group PLC.................. 4,120 26,547 Smiths Group PLC................. 2,177 39,270 Wolseley PLC..................... 3,888 28,881 ---------- TOTAL UNITED KINGDOM............. 473,133 ---------- TOTAL COMMON STOCKS -- (Cost $5,444,703).............. 4,361,163 ---------- SHORT TERM INVESTMENTS -- 0.2% UNITED STATES -- 0.2% MONEY MARKET FUND -- 0.2% STIC Prime Portfolio (Cost $9,900).................. 9,900 9,900 ---------- TOTAL INVESTMENTS -- 99.0% (Cost $5,454,603).............. 4,371,063 OTHER ASSETS AND LIABILITIES -- 1.0%............ 42,105 ---------- NET ASSETS -- 100.0%............. $4,413,168 ==========
(a) Non-income producing security. ADR = American Depositary Receipt See accompanying notes to financial statements. 168 SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.7% AUSTRALIA -- 15.2% Alumina, Ltd. .................. 7,639 $ 18,499 BHP Billiton, Ltd. ............. 12,139 296,833 BlueScope Steel, Ltd. .......... 4,952 28,593 Boral, Ltd. .................... 6,619 31,953 Fortescue Metals Group, Ltd. (a)........................... 6,257 23,000 Iluka Resources, Ltd. (a)....... 5,281 19,579 Incitec Pivot, Ltd. ............ 5,420 21,676 Newcrest Mining, Ltd. .......... 1,940 42,281 OneSteel, Ltd. ................. 6,429 23,327 Orica, Ltd. .................... 1,710 28,258 OZ Minerals, Ltd. .............. 16,194 20,502 Rio Tinto, Ltd. ................ 1,038 69,186 Sims Group, Ltd. ............... 1,280 30,088 ---------- TOTAL AUSTRALIA................. 653,775 ---------- AUSTRIA -- 1.1% RHI AG (a)...................... 798 28,651 Voestalpine AG.................. 635 19,400 ---------- TOTAL AUSTRIA................... 48,051 ---------- BELGIUM -- 1.5% Tessenderlo Chemie NV........... 784 38,654 Umicore......................... 824 24,983 ---------- TOTAL BELGIUM................... 63,637 ---------- CANADA -- 16.8% Agnico-Eagle Mines, Ltd. ....... 660 36,067 Agrium, Inc. ................... 662 37,048 Barrick Gold Corp. ............. 3,315 121,506 Eldorado Gold Corp. (a)......... 2,904 18,136 Equinox Minerals, Ltd. (a)...... 3,393 8,042 First Quantum Minerals, Ltd. ... 392 14,748 FNX Mining Co., Inc. (a)........ 862 9,129 Fording Canadian Coal Trust..... 347 28,483 Gerdau Ameristeel Corp. ........ 1,428 13,767 Goldcorp, Inc. ................. 2,735 86,099 Inmet Mining Corp. ............. 342 15,942 Ivanhoe Mines, Ltd. (a)......... 1,695 10,283 Kinross Gold Corp. ............. 2,576 41,407 Lundin Mining Corp. (a)......... 2,852 8,477 Pan American Silver Corp. (a)... 681 14,834 Potash Corp. of Saskatchewan, Inc. ......................... 1,126 146,120 Sherritt International Corp. ... 2,315 12,389 Silver Wheaton Corp. (a)........ 1,052 8,539 Sino-Forest Corp. (a)........... 928 11,705 Teck Cominco, Ltd. (Class B)... 1,840 52,299 Thompson Creek Metals Co., Inc. (a)........................... 625 5,796 Yamana Gold, Inc. .............. 2,764 22,747 ---------- TOTAL CANADA.................... 723,563 ---------- CHINA -- 0.8% Hung Hing Printing Group, Ltd. ......................... 160,000 35,238 ---------- DENMARK -- 0.8% Novozymes A/S................... 416 36,417 ---------- FINLAND -- 2.5% Rautaruukki Oyj................. 899 17,578 Stora Enso Oyj.................. 4,345 41,685 UPM-Kymmene Oyj................. 3,049 46,853 ---------- TOTAL FINLAND................... 106,116 ---------- FRANCE -- 4.2% Air Liquide SA.................. 1,012 110,046 Lafarge SA...................... 662 68,616 ---------- TOTAL FRANCE.................... 178,662 ---------- GERMANY -- 7.7% BASF SE......................... 2,829 134,114 K+S AG.......................... 608 41,540 Lanxess AG...................... 736 20,015 Linde AG........................ 560 59,373 Salzgitter AG................... 257 25,544 ThyssenKrupp AG................. 1,770 52,285 ---------- TOTAL GERMANY................... 332,871 ---------- IRELAND -- 1.1% CRH PLC......................... 2,201 46,375 ---------- ITALY -- 0.5% Buzzi Unicem SpA................ 1,346 20,381 ---------- JAPAN -- 16.5% Asahi Kasei Corp. .............. 8,000 33,081 Denki Kagaku Kogyo Kabushiki Kaisha........................ 11,000 28,183 JFE Holdings, Inc. ............. 2,300 68,893 JSR Corp. ...................... 1,600 20,677 Kobe Steel, Ltd. ............... 19,000 37,046 Mitsubishi Chemical Holdings Corp. ........................ 5,500 28,649 Mitsubishi Materials Corp. ..... 8,000 24,566 Mitsubishi Rayon Co., Ltd. ..... 9,000 21,787 Mitsui Chemicals, Inc. ......... 6,000 25,884 Mitsui Mining & Smelting Co., Ltd. ......................... 14,000 32,044 Nippon Steel Corp. ............. 23,000 83,841 Nitto Denko Corp. .............. 1,000 24,820 Shin-Etsu Chemical Co., Ltd. ... 1,500 69,091 Sumitomo Chemical Co., Ltd. .... 7,000 30,000 Sumitomo Metal Industries, Ltd. ......................... 17,000 50,761 Sumitomo Metal Mining Co., Ltd. ......................... 3,000 29,416 Taiheiyo Cement Corp. .......... 14,000 19,912 Teijin, Ltd. ................... 10,000 29,388 Toray Industries, Inc. ......... 7,000 32,110 Ube Industries, Ltd. ........... 8,000 21,024 ---------- TOTAL JAPAN..................... 711,173 ---------- LUXEMBOURG -- 3.4% ArcelorMittal................... 2,946 145,351 ---------- NETHERLANDS -- 2.2% Akzo Nobel NV................... 1,088 51,373 Koninklijke DSM NV.............. 925 43,338 ---------- TOTAL NETHERLANDS............... 94,711 ---------- NORWAY -- 1.0% Norsk Hydro ASA................. 2,897 18,987 Yara International ASA.......... 736 25,271 ---------- TOTAL NORWAY.................... 44,258 ---------- PAPUA NEW GUINEA -- 0.6% Lihir Gold, Ltd. (a)............ 11,255 24,858 ---------- PORTUGAL -- 0.6% Semapa-Sociedade de Investimento e Gestao, SGPS, SA............ 2,724 26,401 ----------
See accompanying notes to financial statements. 169 SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SOUTH KOREA -- 0.7% POSCO ADR....................... 344 $ 32,119 ---------- SPAIN -- 0.6% Cementos Portland Valderrivas SA............................ 563 26,896 ---------- SWEDEN -- 1.0% Boliden AB Mines................ 2,867 11,677 SSAB Svenskt Stal AB (Series A)............................ 1,965 30,295 ---------- TOTAL SWEDEN.................... 41,972 ---------- SWITZERLAND -- 6.5% Givaudan SA..................... 81 67,220 Holcim, Ltd. ................... 803 58,009 Syngenta AG..................... 399 84,408 Xstrata PLC..................... 2,322 71,023 ---------- TOTAL SWITZERLAND............... 280,660 ---------- UNITED KINGDOM -- 14.4% Anglo American PLC.............. 4,792 158,445 Antofagasta PLC................. 2,244 15,999 BHP Billiton PLC................ 7,898 177,239 Kazakhmys PLC................... 1,028 10,628 Lonmin PLC...................... 717 29,062 Randgold Resources, Ltd. ....... 492 19,696 Rio Tinto PLC................... 3,184 196,990 Vedanta Resources PLC........... 632 12,989 ---------- TOTAL UNITED KINGDOM............ 621,048 ---------- TOTAL COMMON STOCKS -- (Cost $6,277,374) 4,294,533 ---------- RIGHTS -- 0.0% (B) AUSTRALIA -- 0.0% (B) Alumina Limited (expired 9/19/08) (a)(c) (Cost $0)..................... 2,010 111 ---------- SHORT TERM INVESTMENTS -- 0.0% (B) UNITED STATES -- 0.0% (B) MONEY MARKET FUND -- 0.0% (B) STIC Prime Portfolio (Cost $1,855)................. 1,855 1,855 ---------- TOTAL INVESTMENTS -- 99.7% (Cost $6,279,229)............. 4,296,499 OTHER ASSETS AND LIABILITIES -- 0.3%........... 12,011 ---------- NET ASSETS -- 100.0%............ $4,308,510 ==========
(a) Non-income producing security. (b) Amount shown represents less than 0.05% of net assets. (c) Security is valued at fair value as determined in good faith by Trust's Pricing and Investment Committee in accordance with procedures approved by the Board of Trustees. ADR = American Depositary Receipt See accompanying notes to financial statements. 170 SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.8% AUSTRALIA -- 1.1% Computershare, Ltd. ............. 3,814 $ 27,979 Iress Market Technology, Ltd. ... 4,705 21,414 ---------- TOTAL AUSTRALIA.................. 49,393 ---------- BELGIUM -- 0.4% Barco NV......................... 425 19,169 ---------- CANADA -- 5.3% CGI Group, Inc. (Class A) (a)... 2,981 26,103 MacDonald Dettwiler & Associates, Ltd. (a)....................... 533 10,844 Nortel Networks Corp. (a)........ 3,725 8,198 Research In Motion, Ltd. (a)..... 2,828 190,741 ---------- TOTAL CANADA..................... 235,886 ---------- CHINA -- 0.3% ASM Pacific Technology, Ltd. .... 2,700 15,422 ---------- DENMARK -- 0.3% SimCorp A/S...................... 116 13,387 ---------- FINLAND -- 10.0% F-Secure Oyj..................... 4,948 16,125 Nokia Oyj........................ 21,568 390,812 TietoEnator Oyj.................. 1,092 15,906 Vaisala Oyj (Class A)........... 635 21,407 ---------- TOTAL FINLAND.................... 444,250 ---------- FRANCE -- 4.1% Alcatel-Lucent (a)............... 14,888 56,401 Atos Origin SA................... 576 25,001 Cap Gemini SA.................... 982 45,795 Groupe Steria SCA................ 786 17,113 Neopost SA....................... 239 22,274 UbiSoft Entertainment SA (a)..... 267 18,302 ---------- TOTAL FRANCE..................... 184,886 ---------- GERMANY -- 8.2% Epcos AG......................... 999 25,034 Infineon Technologies AG (a)..... 5,387 29,624 SAP AG........................... 4,862 257,264 Software AG...................... 304 17,072 United Internet AG............... 1,378 14,672 Wincor Nixdorf AG................ 363 21,155 ---------- TOTAL GERMANY.................... 364,821 ---------- JAPAN -- 43.3% Advantest Corp. ................. 1,600 32,855 Alps Electric Co., Ltd. ......... 2,000 15,316 Brother Industries, Ltd. ........ 1,900 19,704 Canon, Inc. ..................... 6,600 237,479 Citizen Holdings Co., Ltd. ...... 2,400 16,344 CSK Holdings Corp. .............. 1,300 18,735 Dainippon Screen Manufacturing Co., Ltd. ..................... 5,000 15,872 Elpida Memory, Inc. (a).......... 900 16,268 FUJIFILM Holdings Corp. ......... 2,200 55,743 Fujitsu, Ltd. ................... 12,000 65,897 Hirose Electric Co., Ltd. ....... 300 28,088 Hitachi High-Technologies Corp. ......................... 900 17,548 Hitachi, Ltd. ................... 17,000 114,972 Horiba, Ltd. .................... 700 15,561 Hoya Corp. ...................... 2,400 46,569 Ibiden Co., Ltd. ................ 1,000 23,454 IT Holdings Corp. (a)............ 1,000 14,261 Japan Aviation Electronics Industry, Ltd. ................ 2,000 9,156 Japan Digital Laboratory Co., Ltd. .......................... 1,700 18,223 Keyence Corp. ................... 200 39,184 Konami Corp. .................... 800 19,630 Konica Minolta Holdings, Inc. ... 3,000 33,542 Kyocera Corp. ................... 900 66,802 Mitsumi Electric Co., Ltd. ...... 1,000 24,490 Murata Manufacturing Co., Ltd. .. 1,300 51,062 NEC Corp. ....................... 13,000 53,878 Nichicon Corp. .................. 2,400 16,096 Nidec Corp. ..................... 600 36,057 Nintendo Co., Ltd. .............. 600 245,279 Nippon Electric Glass Co., Ltd. .......................... 3,000 26,167 Nomura Research Institute, Ltd. .......................... 1,000 20,016 NTT Data Corp. .................. 10 38,996 OBIC Co., Ltd. .................. 130 20,951 Oki Electric Industry Co., Ltd. (a)............................ 12,000 12,320 OMRON Corp. ..................... 1,400 21,231 Ricoh Co., Ltd. ................. 3,000 40,889 ROHM Co., Ltd. .................. 700 37,649 Seiko Epson Corp. ............... 1,000 22,748 Shimadzu Corp. .................. 2,000 15,900 SUMCO Corp. ..................... 1,100 16,671 Taiyo Yuden Co., Ltd. ........... 2,000 19,140 TDK Corp. ....................... 800 38,732 Tokyo Electron, Ltd. ............ 1,000 43,894 Toshiba Corp. ................... 17,000 72,218 Trend Micro, Inc. ............... 1,000 37,206 Yahoo! Japan Corp. .............. 104 33,013 Yamatake Corp. .................. 700 11,005 Yaskawa Electric Corp. .......... 3,000 16,474 Yokogawa Electric Corp. ......... 2,600 16,139 ---------- TOTAL JAPAN...................... 1,929,424 ---------- NETHERLANDS -- 2.1% ASM International NV (a)......... 631 11,274 ASML Holding NV.................. 2,624 45,741 Gemalto NV (a)................... 758 26,820 Oce NV........................... 1,456 10,226 ---------- TOTAL NETHERLANDS................ 94,061 ---------- NORWAY -- 0.4% Tandberg ASA..................... 1,278 16,882 ---------- SINGAPORE -- 1.4% Flextronics International, Ltd. (a)............................ 5,628 39,846 Venture Corp., Ltd. ............. 4,000 21,543 ---------- TOTAL SINGAPORE.................. 61,389 ---------- SOUTH KOREA -- 11.5% LG Display Co., Ltd. ADR......... 3,484 44,247 Samsung Electronics Co., Ltd. GDR (b)............................ 2,081 466,144 ---------- TOTAL SOUTH KOREA................ 510,391 ---------- SPAIN -- 1.2% Amper, SA........................ 1,605 11,813 Indra Sistemas, SA............... 1,728 40,729 ---------- TOTAL SPAIN...................... 52,542 ---------- SWEDEN -- 3.8% Telefonaktiebolaget LM Ericsson (Class B)...................... 18,605 170,768 ----------
See accompanying notes to financial statements. 171 SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF SCHEDULE OF INVESTMENTS (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- SWITZERLAND -- 2.1% Logitech International SA (a).... 1,221 $ 27,398 STMicroelectronics NV............ 5,520 54,431 Temenos Group AG (a)............. 617 11,501 ---------- TOTAL SWITZERLAND................ 93,330 ---------- UNITED KINGDOM -- 4.3% ARM Holdings PLC................. 13,267 22,465 Autonomy Corp. PLC (a)........... 1,542 28,118 Aveva Group PLC.................. 753 15,368 Dimension Data Holdings PLC...... 22,332 16,320 Diploma PLC...................... 6,318 17,174 Logica PLC....................... 13,367 25,732 Misys PLC........................ 7,400 16,026 Spectris PLC..................... 1,427 16,902 The Sage Group PLC............... 9,428 32,820 ---------- TOTAL UNITED KINGDOM............. 190,925 ---------- TOTAL COMMON STOCKS -- (Cost $5,558,639).............. 4,446,926 ---------- TOTAL INVESTMENTS -- 99.8% (Cost $5,558,639).............. 4,446,926 OTHER ASSETS AND LIABILITIES -- 0.2%............ 7,027 ---------- NET ASSETS -- 100.0%............. $4,453,953 ==========
(a) Non-income producing security. (b) Security purchased pursuant to Rule 144A of the Securities Act of 1933. This security, which represents 10.5% of net assets as of September 30, 2008, is considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. ADR = American Depositary Receipt GDR = Global Depositary Receipt See accompanying notes to financial statements. 172 SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 99.9% AUSTRALIA -- 1.2% Telstra Corp., Ltd. ............ 16,298 $ 53,738 ---------- AUSTRIA -- 1.1% Telekom Austria AG.............. 2,744 47,755 ---------- BELGIUM -- 1.8% Belgacom SA..................... 1,185 44,084 Mobistar SA..................... 294 20,543 Telenet Group Holding NV (a).... 854 17,406 ---------- TOTAL BELGIUM................... 82,033 ---------- CANADA -- 6.4% BCE, Inc. ...................... 2,175 75,494 Bell Aliant Regional Communications Income Fund.... 544 12,787 Rogers Communications, Inc. .... 4,168 138,544 Telus Corp. .................... 1,269 45,126 Telus Corp. (non -- voting).... 544 19,888 ---------- TOTAL CANADA.................... 291,839 ---------- CHINA -- 0.7% Hutchison Telecommunications International, Ltd. (a)....... 14,000 15,903 PCCW, Ltd. ..................... 40,000 16,486 ---------- TOTAL CHINA..................... 32,389 ---------- FINLAND -- 0.6% Elisa Oyj....................... 1,450 27,985 ---------- FRANCE -- 6.3% France Telecom SA............... 10,346 287,744 ---------- GERMANY -- 6.9% Deutsche Telekom AG............. 20,570 311,185 ---------- ITALY -- 4.0% Telecom Italia SpA.............. 83,946 124,046 Telecom Italia SpA.............. 49,715 55,901 ---------- TOTAL ITALY..................... 179,947 ---------- JAPAN -- 12.6% KDDI Corp. ..................... 24 133,151 Nippon Telegraph & Telephone Corp. ........................ 40 176,706 NTT DoCoMo, Inc. ............... 121 191,362 Softbank Corp. ................. 5,800 73,371 ---------- TOTAL JAPAN..................... 574,590 ---------- LUXEMBOURG -- 1.0% COLT Telecom Group SA (a)....... 5,970 10,641 Millicom International Cellular SA............................ 531 36,464 ---------- TOTAL LUXEMBOURG................ 47,105 ---------- NETHERLANDS -- 4.5% Koninklijke Royal KPN NV........ 14,136 202,374 ---------- NEW ZEALAND -- 0.3% Telecom Corporation of New Zealand, Ltd. ................ 6,385 11,642 ---------- NORWAY -- 1.6% Telenor ASA..................... 6,162 74,832 ---------- PORTUGAL -- 1.7% Portugal Telecom, SGPS, SA...... 7,668 76,527 ---------- SINGAPORE -- 2.7% Singapore Telecommunications, Ltd. ......................... 49,000 111,387 StarHub, Ltd. .................. 7,000 12,632 ---------- TOTAL SINGAPORE................. 124,019 ---------- SOUTH KOREA -- 2.5% KT Corp. ADR.................... 2,677 44,947 SK Telecom Co., Ltd. ADR........ 3,538 66,585 ---------- TOTAL SOUTH KOREA............... 111,532 ---------- SPAIN -- 16.8% Telefonica SA................... 32,284 761,388 ---------- SWEDEN -- 2.8% Tele2 AB (Class B)............. 2,608 29,081 TeliaSonera AB.................. 17,217 96,545 ---------- TOTAL SWEDEN.................... 125,626 ---------- SWITZERLAND -- 1.3% Swisscom AG..................... 205 60,609 ---------- UNITED KINGDOM -- 23.1% BT Group PLC.................... 61,774 177,386 Cable & Wireless PLC............ 21,211 62,571 Inmarsat PLC.................... 4,056 34,973 Vodafone Group PLC.............. 354,497 775,307 ---------- TOTAL UNITED KINGDOM............ 1,050,237 ---------- TOTAL COMMON STOCKS -- (Cost $5,401,722)............. 4,535,096 ---------- SHORT TERM INVESTMENTS -- 0.6% UNITED STATES -- 0.6% MONEY MARKET FUND -- 0.6% STIC Prime Portfolio (Cost $28,480)................ 28,480 28,480 ---------- TOTAL INVESTMENTS -- 100.5% (Cost $5,430,202)............. 4,563,576 OTHER ASSETS AND LIABILITIES -- (0.5)%......... (21,838) ---------- NET ASSETS -- 100.0%............ $4,541,738 ==========
(a) Non-income producing security. ADR = American Depositary Receipt See accompanying notes to financial statements. 173 SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF SCHEDULE OF INVESTMENTS SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SECURITY DESCRIPTION SHARES VALUE - -------------------- ------ ----- COMMON STOCKS -- 101.4% AUSTRALIA -- 2.2% AGL Energy, Ltd. ................ 3,871 $ 41,835 APA Group........................ 12,379 29,782 Envestra, Ltd. .................. 74,632 38,560 ---------- TOTAL AUSTRALIA.................. 110,177 ---------- AUSTRIA -- 0.7% Oesterreichische Elektrizitaetswirtschafts AG... 611 37,033 ---------- CANADA -- 2.2% ATCO, Ltd. ...................... 733 26,612 Fortis, Inc. .................... 1,605 36,291 TransAlta Corp. ................. 1,716 46,160 ---------- TOTAL CANADA..................... 109,063 ---------- CHINA -- 5.1% CLP Holdings, Ltd. .............. 12,000 96,364 Hong Kong & China Gas Co., Ltd. .......................... 35,000 79,157 Hongkong Electric Holdings, Ltd. .......................... 13,000 81,204 ---------- TOTAL CHINA...................... 256,725 ---------- FINLAND -- 2.0% Fortum Oyj....................... 2,955 97,874 ---------- FRANCE -- 14.5% Electricite de France............ 1,582 113,186 GDF Suez......................... 9,565 490,395 Sechilienne SA................... 298 16,785 Veolia Environnement............. 2,570 104,201 ---------- TOTAL FRANCE..................... 724,567 ---------- GERMANY -- 19.7% E.ON AG.......................... 13,363 667,849 RWE AG........................... 3,341 316,773 ---------- TOTAL GERMANY.................... 984,622 ---------- ITALY -- 7.6% A2A SpA.......................... 13,174 33,235 Enel SpA......................... 28,171 233,070 Hera SpA......................... 7,165 19,555 Snam Rete Gas SpA................ 7,669 45,997 Terna -- Rete Elettrica Nationale SpA............................ 12,442 45,352 ---------- TOTAL ITALY...................... 377,209 ---------- JAPAN -- 16.0% Chubu Electric Power Co., Inc. .. 4,500 105,331 Electric Power Development Co., Ltd. .......................... 1,300 41,511 Hokuriku Electric Power Co. ..... 1,500 35,958 Kyushu Electric Power Co., Inc. .......................... 3,300 68,384 Osaka Gas Co., Ltd. ............. 16,000 54,557 The Chugoku Electric Power Co., Inc. .......................... 2,300 47,120 The Kansai Electric Power Co., Inc. .......................... 5,100 112,890 The Tokyo Electric Power Co., Inc. .......................... 7,600 185,410 Tohoku Electric Power Co., Inc. .......................... 3,300 70,716 Tokyo Gas Co., Ltd. ............. 18,000 74,092 ---------- TOTAL JAPAN...................... 795,969 ---------- PORTUGAL -- 1.1% EDP -- Energias de Portugal SA... 13,590 56,103 ---------- SPAIN -- 13.5% EDP Renovaveis SA (a)............ 3,426 26,901 Enagas........................... 2,081 44,431 Gas Natural SDG SA............... 2,378 87,114 Iberdrola Renovables (a)......... 5,892 25,325 Iberdrola SA..................... 33,597 336,951 Red Electrica Corporacion SA..... 886 44,616 Union Fenosa SA.................. 4,363 105,655 ---------- TOTAL SPAIN...................... 670,993 ---------- UNITED KINGDOM -- 16.8% British Energy Group PLC......... 6,985 94,623 Centrica PLC..................... 25,330 141,769 Drax Group PLC................... 2,592 34,743 International Power PLC.......... 10,584 68,246 National Grid PLC................ 16,713 212,701 Pennon Group PLC................. 2,986 31,109 Scottish & Southern Energy PLC... 5,854 148,900 Severn Trent PLC................. 1,877 45,300 United Utilities Group PLC....... 4,734 58,645 ---------- TOTAL UNITED KINGDOM............. 836,036 ---------- TOTAL COMMON STOCKS -- (Cost $5,943,038).............. 5,056,371 ---------- SHORT TERM INVESTMENTS -- 0.1% UNITED STATES -- 0.1% MONEY MARKET FUND -- 0.1% STIC Prime Portfolio (Cost $7,113).................. 7,113 7,113 ---------- TOTAL INVESTMENTS -- 101.5% (Cost $5,950,151).............. 5,063,484 OTHER ASSETS & LIABILITIES -- (1.5)%.......... (74,246) ---------- NET ASSETS -- 100.0%............. $4,989,238 ==========
(a) Non-income producing security. See accompanying notes to financial statements. 174 (This page intentionally left blank) 175 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR SPDR DJ DJ EURO STOXX 50 STOXX 50 ETF ETF ------------ ------------- ASSETS Investments in unaffiliated issuers, at value* (Note 2)....... $ 76,256,293 $ 224,353,925 Investments in affiliated issuers, at value (Note 2 and Note 3)......................................................... 1,426,057 5,351,935 ------------ ------------- Total Investments.......................................... 77,682,350 229,705,860 Foreign currency, at value.................................... 161,071 370,592 Margin deposit on futures..................................... -- -- Receivable for foreign taxes recoverable...................... 172,115 200,888 Dividends receivable.......................................... 208,363 203,089 ------------ ------------- TOTAL ASSETS............................................. 78,223,899 230,480,429 ------------ ------------- LIABILITIES Cash collateral for securities loaned......................... 1,426,057 5,351,935 Payable for investments purchased............................. -- -- Due to custodian.............................................. -- -- Distributions payable......................................... 417,906 819,906 Accrued advisory fee (Note 3)................................. 68,529 226,694 Accrued trustees fees (Note 3)................................ 718 2,336 ------------ ------------- TOTAL LIABILITIES........................................ 1,913,210 6,400,871 ------------ ------------- NET ASSETS............................................... $ 76,310,689 $ 224,079,558 ============ ============= NET ASSETS REPRESENTED BY: Paid in capital (Note 4)...................................... $108,634,899 $ 332,472,063 Undistributed (distributions in excess of) net investment income..................................................... 462,794 (231,736) Accumulated net realized gain (loss) on investments, foreign currency transactions and futures.......................... (6,012,363) (7,841,815) Net unrealized appreciation (depreciation) on: Investments................................................ (26,757,128) (100,287,482) Foreign currency related transactions...................... (17,513) (31,472) Futures.................................................... -- -- ------------ ------------- NET ASSETS............................................... $ 76,310,689 $ 224,079,558 ============ ============= NET ASSET VALUE PER SHARE Net asset value per share..................................... $ 36.33 $ 41.88 ============ ============= Shares outstanding (unlimited amount authorized, $0.01 par value)..................................................... 2,100,274 5,350,702 ============ ============= COST OF INVESTMENTS: Unaffiliated issuers.......................................... 103,013,421 324,641,407 Affiliated issuers (Note 3)................................... 1,426,057 5,351,935 ------------ ------------- Total cost of investments..................................... $104,439,478 $ 329,993,342 ============ ============= Foreign currency, at cost..................................... $ 167,394 $ 384,383 ============ =============
* Includes $1,352,105, $5,101,712, $7,162,960, $4,090,691, $3,036,374, $16,460,272, $3,638,916, respectively, of investments in securities on loan, at value. See accompanying notes to financial statements. 176 - --------------------------------------------------------------------------------
SPDR S&P SPDR SPDR S&P SPDR SPDR S&P EMERGING S&P EMERGING S&P EMERGING ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE ETF ETF ETF ETF ETF ------------ ------------ ------------ ------------ ------------ $162,167,203 $121,933,533 $ 35,100,902 $188,013,874 $ 80,713,271 6,821,576 3,900,607 2,859,970 14,901,275 3,774,091 ------------ ------------ ------------ ------------ ------------ 168,988,779 125,834,140 37,960,872 202,915,149 84,487,362 1,561,166 1,130,761 1,045,436 510,303 446,127 62,017 -- 139,158 -- -- 2,482 -- 1,189 -- 17,651 275,486 253,606 77,738 478,317 167,783 ------------ ------------ ------------ ------------ ------------ 170,889,930 127,218,507 39,224,393 203,903,769 85,118,923 ------------ ------------ ------------ ------------ ------------ 6,821,576 3,900,607 2,859,970 14,901,275 3,774,091 97,893 -- -- -- -- -- -- -- 269 -- -- -- -- -- -- 190,029 209,427 64,882 266,919 155,047 594 889 264 1,494 470 ------------ ------------ ------------ ------------ ------------ 7,110,092 4,110,923 2,925,116 15,169,957 3,929,608 ------------ ------------ ------------ ------------ ------------ $163,779,838 $123,107,584 $ 36,299,277 $188,733,812 $ 81,189,315 ============ ============ ============ ============ ============ $214,865,344 $189,181,081 $ 49,668,140 $288,878,561 $124,823,610 1,517,942 1,518,048 757,546 3,099,496 591,542 (1,959,944) (2,685,377) (1,603,377) (4,610,513) (1,704,852) (50,638,342) (64,906,489) (12,325,511) (98,634,063) (42,465,425) (5,162) 321 (55,976) 331 (55,560) -- -- (141,545) -- -- ------------ ------------ ------------ ------------ ------------ $163,779,838 $123,107,584 $ 36,299,277 $188,733,812 $ 81,189,315 ============ ============ ============ ============ ============ $ 54.59 $ 51.29 $ 51.86 $ 20.29 $ 42.73 ============ ============ ============ ============ ============ 3,000,000 2,400,000 700,000 9,300,000 1,900,000 ============ ============ ============ ============ ============ $212,805,545 $186,840,022 $ 47,426,413 $286,647,937 $123,178,696 6,821,576 3,900,607 2,859,970 14,901,275 3,774,091 ------------ ------------ ------------ ------------ ------------ $219,627,121 $190,740,629 $ 50,286,383 $301,549,212 $126,952,787 ============ ============ ============ ============ ============ $ 1,563,916 $ 1,130,238 $ 1,099,910 $ 509,734 $ 497,872 ============ ============ ============ ============ ============
177 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P EMERGING EMERGING MIDDLE EAST & LATIN AMERICA AFRICA ETF ETF ------------- ------------- ASSETS Investments in unaffiliated issuers, at value* (Note 2)..... $ 74,084,722 $150,318,995 Investments in affiliated issuers, at value (Note 2 and Note 3)....................................................... 8,828,249 1,202,100 ------------ ------------ Total Investments........................................ 82,912,971 151,521,095 Foreign currency, at value.................................. 127,405 2,318,365 Cash........................................................ -- -- Margin deposit on futures................................... -- -- Receivable for investments sold............................. -- -- Receivable for fund shares sold in-kind..................... -- -- Receivable for foreign taxes recoverable.................... -- -- Dividends receivable........................................ 154,832 150,151 ------------ ------------ TOTAL ASSETS........................................... 83,195,208 153,989,611 ------------ ------------ LIABILITIES Cash collateral for securities loaned....................... 8,828,249 1,202,100 Payable for investments purchased........................... -- -- Due to custodian............................................ -- -- Distributions payable....................................... -- -- Accrued advisory fee (Note 3)............................... 164,775 249,293 Accrued trustees fees (Note 3).............................. 482 660 ------------ ------------ TOTAL LIABILITIES...................................... 8,993,506 1,452,053 ------------ ------------ NET ASSETS............................................. $ 74,201,702 $152,537,558 ============ ============ NET ASSETS REPRESENTED BY: Paid in capital (Note 4).................................... $102,260,330 $189,703,371 Undistributed (distributions in excess of) net investment income................................................... 1,048,493 4,024,422 Accumulated net realized gain (loss) on investments, foreign currency transactions and futures........................ (2,317,531) (503,486) Net unrealized appreciation (depreciation) on: Investments.............................................. (26,781,450) (40,607,502) Foreign currency related transactions.................... (8,140) (79,247) Futures.................................................. -- -- ------------ ------------ NET ASSETS............................................. $ 74,201,702 $152,537,558 ============ ============ NET ASSET VALUE PER SHARE Net asset value per share................................... $ 61.83 $ 54.48 ============ ============ Shares outstanding (unlimited amount authorized, $0.01 par value)................................................... 1,200,000 2,800,000 ============ ============ COST OF INVESTMENTS: Unaffiliated issuers........................................ $100,866,172 $190,926,497 Affiliated issuers (Note 3)................................. 8,828,249 1,202,100 ------------ ------------ Total cost of investments................................... $109,694,421 $192,128,597 ============ ============ Foreign currency, at cost................................... $ 133,337 $ 2,391,552 ============ ============
* Includes $9,543,265, $1,226,477, $2,036,472, $45,241,243, $4,284,975, $448,619, $19,817, respectively, of investments in securities on loan, at value. See accompanying notes to financial statements. 178 - --------------------------------------------------------------------------------
SPDR SPDR S&P SPDR S&P SPDR S&P SPDR S&P S&P INTERNATIONAL INTERNATIONAL INTERNATIONAL EMERGING MARKETS WORLD EX-US SMALL CAP DIVIDEND MID CAP SMALL CAP ETF ETF ETF ETF ETF ----------- ------------- ------------- ------------- ---------------- $27,797,139 $ 326,486,204 $43,964,279 $ 4,885,891 $ 8,625,187 2,150,629 48,309,606 4,529,771 479,486 20,014 ----------- ------------- ----------- ----------- ----------- 29,947,768 374,795,810 48,494,050 5,365,377 8,645,201 98,864 4,788,130 120,798 50,673 1,043,762 -- -- 11,329 20 -- -- -- -- -- 67,998 -- 44,642,893 21,326 1,048,431 -- -- 402,708 -- -- 2,100,938 13,067 46,744 7,034 832 67 83,148 1,641,256 212,795 19,453 7,850 ----------- ------------- ----------- ----------- ----------- 30,142,847 426,317,541 48,867,332 6,484,786 11,865,816 ----------- ------------- ----------- ----------- ----------- 2,150,629 48,309,606 4,529,771 479,486 20,014 -- 45,608,123 -- 790,782 1,901,291 -- -- -- -- 130,470 -- -- 923,220 -- -- 19,185 508,507 45,429 6,823 7,189 95 1,499 153 35 24 ----------- ------------- ----------- ----------- ----------- 2,169,909 94,427,735 5,498,573 1,277,126 2,058,988 ----------- ------------- ----------- ----------- ----------- $27,972,938 $ 331,889,806 $43,368,759 $ 5,207,660 $ 9,806,828 =========== ============= =========== =========== =========== $34,867,734 $ 462,846,863 $59,806,635 $ 7,092,400 $12,004,964 542,254 5,289,106 (645,245) 63,173 48,547 (12,762) (12,137,901) (5,797,702) (401,566) (52,096) (7,418,241) (123,912,745) (9,982,790) (1,540,800) (2,177,487) (6,047) (195,517) (12,139) (5,547) (7,020) -- -- -- -- (10,080) ----------- ------------- ----------- ----------- ----------- $27,972,938 $ 331,889,806 $43,368,759 $ 5,207,660 $ 9,806,828 =========== ============= =========== =========== =========== $ 23.31 $ 23.71 $ 48.17 $ 26.04 $ 32.69 =========== ============= =========== =========== =========== 1,200,000 14,000,000 900,380 200,000 300,000 =========== ============= =========== =========== =========== $35,215,380 $ 450,398,949 $53,947,069 $ 6,426,691 $10,802,674 2,150,629 48,309,606 4,529,771 479,486 20,014 ----------- ------------- ----------- ----------- ----------- $37,366,009 $ 498,708,555 $58,476,840 $ 6,906,177 $10,822,688 =========== ============= =========== =========== =========== $ 102,647 $ 4,843,465 $ 124,663 $ 56,035 $ 1,050,941 =========== ============= =========== =========== ===========
179 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR DJ SPDR DJ WILSHIRE WILSHIRE GLOBAL INTERNATIONAL REAL ESTATE REAL ESTATE ETF ETF ----------- -------------- ASSETS Investments in unaffiliated issuers, at value* (Note 2)....... $15,849,604 $ 818,757,885 Investments in affiliated issuers, at value (Note 2 and Note 3)......................................................... 499,627 122,547,301 ----------- -------------- Total Investments.......................................... 16,349,231 941,305,186 Foreign currency, at value.................................... 26,632 496,264 Cash.......................................................... -- -- Receivable for Fund shares sold in-kind....................... 459 -- Receivable for foreign taxes recoverable...................... 601 358,388 Dividends receivable.......................................... 44,969 3,076,882 ----------- -------------- TOTAL ASSETS............................................. 16,421,892 945,236,720 ----------- -------------- LIABILITIES Cash collateral for securities loaned......................... 499,627 122,547,301 Payable for investments purchased............................. 38,627 -- Due to custodian.............................................. 584 -- Due to sub-custodian.......................................... -- 257,189 Distributions payable......................................... 139,246 9,927,881 Accrued advisory fee (Note 3)................................. 12,481 1,380,874 Accrued trustees fees (Note 3)................................ 41 5,419 ----------- -------------- TOTAL LIABILITIES........................................ 690,606 134,118,664 ----------- -------------- NET ASSETS............................................... $15,731,286 $ 811,118,056 =========== ============== NET ASSETS REPRESENTED BY: Paid in capital (Note 4)...................................... $17,618,342 $1,337,988,178 Undistributed (distributions in excess of) net investment income..................................................... (27,991) (2,892,727) Accumulated net realized gain (loss) on investments and foreign currency transactions.............................. (109,893) (45,968,996) Net unrealized appreciation (depreciation) on: Investments................................................ (1,749,167) (477,956,099) Foreign currency related transactions...................... (5) (52,300) ----------- -------------- NET ASSETS............................................... $15,731,286 $ 811,118,056 =========== ============== NET ASSET VALUE PER SHARE Net asset value per share..................................... $ 39.33 $ 37.86 =========== ============== Shares outstanding (unlimited amount authorized, $0.01 par value)..................................................... 400,000 21,422,322 =========== ============== COST OF INVESTMENTS: Unaffiliated issuers.......................................... $17,598,771 $1,296,713,984 Affiliated issuers (Note 3)................................... 499,627 122,547,301 ----------- -------------- Total cost of investments..................................... $18,098,398 $1,419,261,285 =========== ============== Foreign currency, at cost..................................... $ 27,683 $ 243,574 =========== ==============
* Includes $464,021, $113,916,624, $14,948,485, $27,109,607, $5,184,568, $19,470,660, $0, respectively, of investments in securities on loan, at value. See accompanying notes to financial statements. 180 - --------------------------------------------------------------------------------
SPDR SPDR SPDR S&P FTSE/MACQUARIE SPDR SPDR RUSSELL/NORMURA INTERNATIONAL GLOBAL MSCI ACWI RUSSELL/NORMURA SMALL CAP CONSUMER DISCRETIONARY INFRASTRUCTURE 100 EX-US PRIME JAPAN JAPAN SECTOR ETF ETF ETF ETF ETF ------------------ ------------- --------------- --------------- ---------------------- $ 79,671,474 $ 256,203,051 $23,578,674 $ 76,445,288 $4,462,114 15,292,308 28,071,322 5,538,108 20,878,980 -- ------------ ------------- ----------- ------------ ---------- 94,963,782 284,274,373 29,116,782 97,324,268 4,462,114 210,074 1,754,931 41,578 155,424 7,178 -- 3,832 -- -- -- -- -- -- -- -- 15,944 121,758 -- -- 56 182,627 868,896 199,878 577,848 16,988 ------------ ------------- ----------- ------------ ---------- 95,372,427 287,023,790 29,358,238 98,057,540 4,486,336 ------------ ------------- ----------- ------------ ---------- 15,292,308 28,071,322 5,538,108 20,878,980 -- 3,841 55,600 -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- 6,448 131,980 256,665 33,717 120,776 5,255 407 1,383 358 514 28 ------------ ------------- ----------- ------------ ---------- 15,428,536 28,384,970 5,572,183 21,000,270 11,731 ------------ ------------- ----------- ------------ ---------- $ 79,943,891 $ 258,638,820 $23,786,055 $ 77,057,270 $4,474,605 ============ ============= =========== ============ ========== $ 96,774,646 $ 359,474,740 $31,123,455 $109,687,434 $5,108,000 2,007,866 4,311,569 410,654 1,209,725 17,373 (497,669) (2,156,223) (374,694) (2,518,390) 370 (18,335,155) (102,903,366) (7,374,625) (31,323,817) (651,063) (5,797) (87,900) 1,265 2,318 (75) ------------ ------------- ----------- ------------ ---------- $ 79,943,891 $ 258,638,820 $23,786,055 $ 77,057,270 $4,474,605 ============ ============= =========== ============ ========== $ 47.03 $ 29.39 $ 39.64 $ 35.84 $ 22.37 ============ ============= =========== ============ ========== 1,700,000 8,800,000 600,000 2,150,025 200,000 ============ ============= =========== ============ ========== $ 98,006,629 $ 359,106,417 $30,953,299 $107,769,105 $5,113,177 15,292,308 28,071,322 5,538,108 20,878,980 -- ------------ ------------- ----------- ------------ ---------- $113,298,937 $ 387,177,739 $36,491,407 $128,648,085 $5,113,177 ============ ============= =========== ============ ========== $ 214,194 $ 1,817,123 $ 40,922 $ 156,302 $ 7,155 ============ ============= =========== ============ ==========
181 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL CONSUMER STAPLES ENERGY SECTOR SECTOR ETF ETF ---------------- ------------- ASSETS Investments in securities, at value (Note 2)............... $5,149,945 $ 4,966,370 Foreign currency, at value................................. 12,830 71,863 Cash....................................................... -- -- Receivable for investments sold............................ -- -- Receivable for foreign taxes recoverable................... 222 1,021 Dividends receivable....................................... 24,067 7,772 ---------- ----------- TOTAL ASSETS.......................................... 5,187,064 5,047,026 ---------- ----------- LIABILITIES Due to custodian........................................... -- -- Distributions payable...................................... 21,072 27,210 Accrued advisory fee (Note 3).............................. 5,749 6,080 Accrued trustees fees (Note 3)............................. 30 33 ---------- ----------- TOTAL LIABILITIES..................................... 26,851 33,323 ---------- ----------- NET ASSETS............................................ $5,160,213 $ 5,013,703 ========== =========== NET ASSETS REPRESENTED BY: Paid in capital (Note 4)................................... $5,494,000 $ 6,323,333 Undistributed (distributions in excess of) net investment income.................................................. 4,105 4,483 Accumulated net realized gain (loss) on investments and foreign currency transactions........................... 1,901 (4,624) Net unrealized appreciation (depreciation) on: Investments............................................. (338,637) (1,312,211) Foreign currency related transactions................... (1,156) 2,722 ---------- ----------- NET ASSETS............................................ $5,160,213 $ 5,013,703 ========== =========== NET ASSET VALUE PER SHARE Net asset value per share.................................. $ 25.80 $ 25.07 ========== =========== Shares outstanding (unlimited amount authorized, $0.01 par value).................................................. 200,000 200,000 ========== =========== COST OF INVESTMENTS: Investments in securities, at cost......................... $5,488,582 $ 6,278,581 ========== =========== Foreign currency, at cost.................................. $ 13,090 $ 68,885 ========== ===========
See accompanying notes to financial statements. 182 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY SECTOR SECTOR SECTOR SECTOR SECTOR ETF ETF ETF ETF ETF ------------- ------------- ------------- ------------- ------------- $4,294,873 $5,608,400 $ 4,371,063 $ 4,296,499 $ 4,446,926 12,632 61,622 41,892 16,983 1,663 -- -- -- -- -- -- -- -- -- -- 81 -- 140 210 -- 11,136 22,046 14,638 14,741 15,621 ---------- ---------- ----------- ----------- ----------- 4,318,722 5,692,068 4,427,733 4,328,433 4,464,210 ---------- ---------- ----------- ----------- ----------- -- -- -- -- 4,639 18,330 9,902 9,075 14,130 -- 5,070 6,389 5,461 5,763 5,588 27 33 29 30 30 ---------- ---------- ----------- ----------- ----------- 23,427 16,324 14,565 19,923 10,257 ---------- ---------- ----------- ----------- ----------- $4,295,295 $5,675,744 $ 4,413,168 $ 4,308,510 $ 4,453,953 ========== ========== =========== =========== =========== $4,903,333 $6,246,000 $ 5,493,334 $ 6,304,667 $ 5,554,000 2,125 11,712 8,057 8,541 11,724 -- (69,918) (4,318) (21,135) -- (609,366) (508,552) (1,083,540) (1,982,730) (1,111,713) (797) (3,498) (365) (833) (58) ---------- ---------- ----------- ----------- ----------- $4,295,295 $5,675,744 $ 4,413,168 $ 4,308,510 $ 4,453,953 ========== ========== =========== =========== =========== $ 21.48 $ 28.38 $ 22.07 $ 21.54 $ 22.27 ========== ========== =========== =========== =========== 200,000 200,000 200,000 200,000 200,000 ========== ========== =========== =========== =========== $4,904,239 $6,116,952 $ 5,454,603 $ 6,279,229 $ 5,558,639 ========== ========== =========== =========== =========== $ 13,000 $ 64,296 $ 42,209 $ 17,677 $ 1,678 ========== ========== =========== =========== ===========
183 SPDR INDEX SHARES FUNDS STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED) SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL TELECOMMUNICATIONS UTILITIES SECTOR SECTOR ETF ETF ------------------ ------------- ASSETS Investments in securities, at value (Note 2).............. $4,563,576 $5,063,484 Foreign currency, at value................................ 2,540 6,790 Dividends receivable...................................... 8,087 12,154 ---------- ---------- TOTAL ASSETS......................................... 4,574,203 5,082,428 ---------- ---------- LIABILITIES Distributions payable..................................... 27,198 87,344 Accrued advisory fee (Note 3)............................. 5,239 5,815 Accrued trustees fees (Note 3)............................ 28 31 ---------- ---------- TOTAL LIABILITIES.................................... 32,465 93,190 ---------- ---------- NET ASSETS........................................... $4,541,738 $4,989,238 ========== ========== NET ASSETS REPRESENTED BY: Paid in capital (Note 4).................................. $5,403,333 $5,894,000 Undistributed (distributions in excess of) net investment income................................................. 5,128 (12,774) Accumulated net realized gain (loss) on investments and foreign currency transactions.......................... -- (5,147) Net unrealized appreciation (depreciation) on: Investments............................................ (866,626) (886,667) Foreign currency related transactions.................. (97) (174) ---------- ---------- NET ASSETS........................................... $4,541,738 $4,989,238 ========== ========== NET ASSET VALUE PER SHARE Net asset value per share................................. $ 22.71 $ 24.95 ========== ========== Shares outstanding (unlimited amount authorized, $0.01 par value)................................................. 200,000 200,000 ========== ========== COST OF INVESTMENTS: Investments in securities, at cost........................ $5,430,202 $5,950,151 ========== ========== Foreign currency, at cost................................. $ 2,646 $ 6,836 ========== ==========
See accompanying notes to financial statements. 184 (This page intentionally left blank) 185 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR SPDR DJ DJ EURO STOXX 50 STOXX 50 ETF ETF ------------ ------------- INVESTMENT INCOME Dividends (Note 2)............................................ $ 5,214,672 $ 18,403,546 Interest (Note 2)............................................. 837 1,682 Unaffiliated securities lending -- net (Note 8)............... 17,143 87,050 Affiliated securities lending -- net (Note 3 and Note 8)...... 79,828 670,551 Foreign taxes withheld........................................ (497,369) (2,759,398) ------------ ------------- TOTAL INVESTMENT INCOME....................................... 4,815,111 16,403,431 ------------ ------------- EXPENSES Advisory fee (Note 3)......................................... 382,789 1,243,513 Trustee fees and expenses (Note 3)............................ 4,520 13,593 Miscellaneous expenses........................................ -- 400 ------------ ------------- TOTAL EXPENSES BEFORE WAIVERS................................. 387,309 1,257,506 Expenses waived by Adviser (Note 3)........................... -- -- ------------ ------------- NET EXPENSES.................................................. 387,309 1,257,506 ------------ ------------- NET INVESTMENT INCOME (LOSS).................................. 4,427,802 15,145,925 ------------ ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions.............. (1,084,614) 26,417,244 Futures.................................................... -- -- Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions.............. (43,646,718) (166,078,657) Futures.................................................... -- -- ------------ ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. (44,731,332) (139,661,413) ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................... $(40,303,530) $(124,515,488) ============ =============
See accompanying notes to financial statements. 186 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR SPDR S&P SPDR SPDR S&P SPDR S&P EMERGING EMERGING S&P EMERGING S&P EMERGING EMERGING MIDDLE EAST & ASIA PACIFIC CHINA MARKETS BRIC 40 EUROPE LATIN AMERICA AFRICA ETF ETF ETF ETF ETF ETF ETF ------------ ------------- ------------ ------------- ------------ ------------- ------------- $ 3,688,726 $ 3,159,113 $ 1,346,992 $ 5,304,856 $ 1,541,496 $ 2,378,552 $ 5,735,967 15,754 424 10,784 126 -- -- 2,311 -- -- -- -- -- -- -- 18,875 21,652 14,854 70,830 28,584 72,682 9,868 (488,534) (21,271) (124,145) (325,872) (206,664) (179,428) (210,950) ------------ ------------- ------------ ------------- ------------ ------------ ------------ 3,234,821 3,159,918 1,248,485 5,049,940 1,363,416 2,271,806 5,537,196 ------------ ------------- ------------ ------------- ------------ ------------ ------------ 664,093 969,669 287,408 1,376,407 514,676 526,256 730,350 3,171 5,503 1,500 8,066 2,250 2,209 2,765 1,909 -- 778 -- 6,855 9,705 1,467 ------------ ------------- ------------ ------------- ------------ ------------ ------------ 669,173 975,172 289,686 1,384,473 523,781 538,170 734,582 -- -- -- (277,682) -- -- -- ------------ ------------- ------------ ------------- ------------ ------------ ------------ 669,173 975,172 289,686 1,106,791 523,781 538,170 734,582 ------------ ------------- ------------ ------------- ------------ ------------ ------------ 2,565,648 2,184,746 958,799 3,943,149 839,635 1,733,636 4,802,614 ------------ ------------- ------------ ------------- ------------ ------------ ------------ 2,536,218 (4,435,411) 2,894,406 (8,467,660) (1,681,698) 2,142,603 (455,703) (969,626) -- (835,993) -- -- -- -- (62,719,439) (100,336,806) (19,906,653) (116,559,216) (46,455,065) (35,725,029) (42,767,321) -- -- (203,297) -- -- -- -- ------------ ------------- ------------ ------------- ------------ ------------ ------------ (61,152,847) (104,772,217) (18,051,537) (125,026,876) (48,136,763) (33,582,426) (43,223,024) ------------ ------------- ------------ ------------- ------------ ------------ ------------ $(58,587,199) $(102,587,471) $(17,092,738) $(121,083,727) $(47,297,128) $(31,848,790) $(38,420,410) ============ ============= ============ ============= ============ ============ ============
187 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS (CONTINUED) FOR THE YEAR ENDED SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR SPDR S&P S&P INTERNATIONAL WORLD EX-US SMALL CAP ETF ETF ----------- ------------- INVESTMENT INCOME Dividends (Note 2)............................................ $ 712,129 $ 8,639,502 Interest (Note 2)............................................. 180 7,592 Affiliated securities lending -- net (Note 3 and Note 8)...... 17,905 384,458 Foreign taxes withheld........................................ (64,997) (660,372) ----------- ------------- TOTAL INVESTMENT INCOME....................................... 665,217 8,371,180 ----------- ------------- EXPENSES Advisory fee (Note 3)......................................... 61,084 1,658,413 Trustee fees and expenses (Note 3)............................ 475 6,915 Miscellaneous expenses........................................ 685 2,015 ----------- ------------- TOTAL EXPENSES................................................ 62,244 1,667,343 ----------- ------------- NET INVESTMENT INCOME (LOSS).................................. 602,973 6,703,837 ----------- ------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions.............. 15,226 (7,266,699) Futures.................................................... -- -- Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions.............. (7,844,493) (125,441,700) Futures.................................................... -- -- ----------- ------------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS AND FUTURES.................. (7,829,267) (132,708,399) ----------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................... $(7,226,294) $(126,004,562) =========== =============
See accompanying notes to financial statements. 188 - --------------------------------------------------------------------------------
SPDR DJ SPDR DJ SPDR SPDR S&P SPDR S&P SPDR S&P WILSHIRE WILSHIRE FTSE/MACQUARIE SPDR INTERNATIONAL INTERNATIONAL EMERGING MARKETS GLOBAL INTERNATIONAL GLOBAL MSCI ACWI DIVIDEND MID CAP SMALL CAP REAL ESTATE REAL ESTATE INFASTRUCTURE 100 EX-US ETF(1) ETF(2) ETF(3) ETF(2) ETF ETF ETF ------------- ------------- ---------------- ----------- ------------- ----------------- ------------- $ 1,875,141 $ 74,280 $ 90,868 $ 152,204 $ 44,732,895 $ 3,214,041 $ 9,200,721 522 -- 471 -- 11,318 1,418 4,240 27,017 442 39 241 710,437 83,121 215,441 (184,561) (6,199) (16,679) (8,186) (5,046,966) (200,554) (815,860) ------------ ----------- ----------- ----------- ------------- ------------ ------------- 1,718,119 68,523 74,699 144,259 40,407,684 3,098,026 8,604,542 ------------ ----------- ----------- ----------- ------------- ------------ ------------- 83,241 11,459 11,555 16,018 5,924,236 447,751 876,487 473 91 64 90 31,214 2,029 6,854 4,535 -- 2,000 -- 9,527 -- 332 ------------ ----------- ----------- ----------- ------------- ------------ ------------- 88,249 11,550 13,619 16,108 5,964,977 449,780 883,673 ------------ ----------- ----------- ----------- ------------- ------------ ------------- 1,629,870 56,973 61,080 128,151 34,442,707 2,648,246 7,720,869 ------------ ----------- ----------- ----------- ------------- ------------ ------------- (5,802,467) (395,366) (39,067) (110,381) (47,506,451) (315,720) 1,181,987 -- -- (25,562) -- -- -- -- (9,994,929) (1,546,347) (2,184,507) (1,749,172) (459,696,978) (21,035,048) (113,298,549) -- -- (10,080) -- -- -- -- ------------ ----------- ----------- ----------- ------------- ------------ ------------- (15,797,396) (1,941,713) (2,259,216) (1,859,553) (507,203,429) (21,350,768) (112,116,562) ------------ ----------- ----------- ----------- ------------- ------------ ------------- $(14,167,526) $(1,884,740) $(2,198,136) $(1,731,402) $(472,760,722) $(18,702,522) $(104,395,693) ============ =========== =========== =========== ============= ============ =============
189 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS (CONTINUED) FOR THE YEAR ENDED SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR S&P INTERNATIONAL SPDR SPDR S&P CONSUMER RUSSELL/NORMURA RUSSELL/NOMURA DISCRETIONARY PRIME JAPAN SMALL CAP JAPAN SECTOR ETF ETF ETF(4) --------------- --------------- ------------- INVESTMENT INCOME Dividends (Note 2).............................. $ 709,237 $ 1,669,836 $ 27,186 Interest (Note 2)............................... -- -- -- Affiliated securities lending -- net (Note 3 and Note 8)...................................... 13,283 153,862 -- Foreign taxes withheld.......................... (49,362) (116,144) (1,582) ------------ ------------ --------- TOTAL INVESTMENT INCOME......................... 673,158 1,707,554 25,604 ------------ ------------ --------- EXPENSES Advisory fee (Note 3)........................... 327,241 523,593 5,255 Trustee fees and expenses (Note 3).............. 2,677 3,111 28 Miscellaneous expenses.......................... 97 -- 302 ------------ ------------ --------- TOTAL EXPENSES.................................. 330,015 526,704 5,585 ------------ ------------ --------- NET INVESTMENT INCOME (LOSS).................... 343,143 1,180,850 20,019 ------------ ------------ --------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions............................... 3,600,579 (5,006,498) 4,172 Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions............................... (13,864,853) (22,438,534) (651,138) ------------ ------------ --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS................................. (10,264,274) (27,445,032) (646,966) ------------ ------------ --------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................. $ (9,921,131) $(26,264,182) $(626,947) ============ ============ =========
See accompanying notes to financial statements. 190 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL CONSUMER STAPLES ENERGY FINANCIAL HEALTH CARE INDUSTRIAL MATERIALS TECHNOLOGY SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR SECTOR ETF(4) ETF(4) ETF(4) ETF(4) ETF(4) ETF(4) ETF(4) ---------------- ------------- ------------- ------------- ------------- ------------- ------------- $ 32,068 $ 47,527 $ 28,080 $ 29,144 $ 24,076 $ 29,989 $ 18,528 -- -- -- -- -- 52 -- -- -- -- -- -- -- -- (916) (4,033) (2,166) (1,073) (1,471) (1,016) (1,140) --------- ----------- --------- --------- ----------- ----------- ----------- 31,152 43,494 25,914 28,071 22,605 29,025 17,388 --------- ----------- --------- --------- ----------- ----------- ----------- 5,748 6,080 5,071 6,389 5,461 5,763 5,588 31 33 27 34 29 31 30 75 -- -- -- -- -- -- --------- ----------- --------- --------- ----------- ----------- ----------- 5,854 6,113 5,098 6,423 5,490 5,794 5,618 --------- ----------- --------- --------- ----------- ----------- ----------- 25,298 37,381 20,816 21,648 17,115 23,231 11,770 --------- ----------- --------- --------- ----------- ----------- ----------- 1,780 (10,312) (361) (69,952) (4,301) (21,694) (46) (339,793) (1,309,489) (610,163) (512,050) (1,083,905) (1,983,564) (1,111,771) --------- ----------- --------- --------- ----------- ----------- ----------- (338,013) (1,319,801) (610,524) (582,002) (1,088,206) (2,005,258) (1,111,817) --------- ----------- --------- --------- ----------- ----------- ----------- $(312,715) $(1,282,420) $(589,708) $(560,354) $(1,071,091) $(1,982,027) $(1,100,047) ========= =========== ========= ========= =========== =========== ===========
191 SPDR INDEX SHARES FUNDS STATEMENTS OF OPERATIONS (CONTINUED) FOR THE YEAR ENDED SEPTEMBER 30, 2008 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL TELECOMMUNICATIONS UTILITIES SECTOR SECTOR ETF(4) ETF(4) ------------------ ------------- INVESTMENT INCOME Dividends (Note 2)........................................ $ 41,080 $ 82,840 Foreign taxes withheld.................................... (2,788) (795) --------- --------- TOTAL INVESTMENT INCOME................................... 38,292 82,045 --------- --------- EXPENSES Advisory fee (Note 3)..................................... 5,240 5,815 Trustee fees and expenses (Note 3)........................ 28 31 --------- --------- TOTAL EXPENSES............................................ 5,268 5,846 --------- --------- NET INVESTMENT INCOME (LOSS).............................. 33,024 76,199 --------- --------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS: Net realized gain (loss) on: Investments and foreign currency transactions.......... (697) (6,776) Net change in unrealized appreciation (depreciation) on: Investments and foreign currency transactions.......... (866,723) (886,841) --------- --------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS.................... (867,420) (893,617) --------- --------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................ $(834,396) $(817,418) ========= =========
(1) For the period February 12, 2008 (commencement of operations) to September 30, 2008. (2) For the period May 7, 2008 (commencement of operations) to September 30, 2008. (3) For the period May 12, 2008 (commencement of operations) to September 30, 2008. (4) For the period July 16, 2008 (commencement of operations) to September 30, 2008. See accompanying notes to financial statements. 192 (This page intentionally left blank) 193 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS - --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF ---------------------------- FOR THE FOR THE YEAR ENDED YEAR ENDED 9/30/2008 9/30/2007 ------------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income......................................... $ 4,427,802 $ 4,251,793 Net realized gain (loss) on investments, foreign currency transactions and futures................................... (1,084,614) 16,740,607 Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures..... (43,646,718) 6,510,669 ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................. (40,303,530) 27,503,069 ------------- ------------ NET EQUALIZATION CREDITS AND CHARGES.......................... (328,048) (69,157) ------------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income......................................... (4,077,204) (4,189,162) Net realized gains............................................ (1,037,078) (9,632) ------------- ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... (5,114,282) (4,198,794) ------------- ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares.......................... 27,074,724 150,278,141 Net proceeds from the reinvestment of shares issued........... 4,412 4,893 Cost of shares redeemed....................................... (90,606,719) (59,506,527) Net income equalization....................................... 328,048 69,157 ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................................................. (63,199,535) 90,845,664 ------------- ------------ Net increase (decrease) in net assets during the period....... (108,945,395) 114,080,782 Net assets at beginning of period............................. 185,256,084 71,175,302 ------------- ------------ NET ASSETS END OF PERIOD(1)..................................... $ 76,310,689 $185,256,084 ============= ============ SHARES OF BENEFICIAL INTEREST: Shares sold................................................... 550,000 3,050,000 Shares issued to shareholders from reinvestment of distributions.............................................. 95 97 Shares redeemed............................................... (1,900,000) (1,200,000) ------------- ------------ NET INCREASE (DECREASE)....................................... (1,349,905) 1,850,097 ============= ============ (1) Including undistributed (distribution in excess of) net investment income............................................. $ 462,794 $ 115,185 ============= ============
- ------------ * Commencement of operations See accompanying notes to financial statements. 194 - --------------------------------------------------------------------------------
SPDR DJ SPDR S&P EMERGING SPDR S&P EURO STOXX 50 ETF ASIA PACIFIC ETF CHINA ETF ----------------------------- -------------------------- ---------------------------- FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD FOR THE PERIOD YEAR ENDED YEAR ENDED YEAR ENDED 3/20/2007*- YEAR ENDED 3/20/2007*- 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 ------------- ------------- ------------ ----------- ------------- ------------ $ 15,145,925 $ 12,365,738 $ 2,565,648 $ 483,032 $ 2,184,746 $ 653,582 26,417,244 38,971,201 1,566,592 52,164 (4,435,411) 992 (166,078,657) 43,937,804 (62,719,439) 12,075,935 (100,336,806) 35,430,638 ------------- ------------- ------------ ----------- ------------- ------------ (124,515,488) 95,274,743 (58,587,199) 12,611,131 (102,587,471) 36,085,212 ------------- ------------- ------------ ----------- ------------- ------------ (1,789,862) 2,701,464 3,159,166 411,243 996,287 490,966 ------------- ------------- ------------ ----------- ------------- ------------ (13,251,069) (15,108,265) (1,340,743) -- (1,313,923) -- (7,520,932) -- (145,430) -- -- -- ------------- ------------- ------------ ----------- ------------- ------------ (20,772,001) (15,108,265) (1,486,173) -- (1,313,923) -- ------------- ------------- ------------ ----------- ------------- ------------ 280,051,170 326,768,376 184,794,181 48,808,406 157,208,665 86,554,003 19,301 12,731 -- -- -- -- (395,244,395) (156,271,445) (22,360,508) -- (52,838,902) -- 1,789,862 (2,701,464) (3,159,166) (411,243) (996,287) (490,966) ------------- ------------- ------------ ----------- ------------- ------------ (113,384,062) 167,808,198 159,274,507 48,397,163 103,373,476 86,063,037 ------------- ------------- ------------ ----------- ------------- ------------ (260,461,413) 250,676,140 102,360,301 61,419,537 468,369 122,639,215 484,540,971 233,864,831 61,419,537 -- 122,639,215 -- ------------- ------------- ------------ ----------- ------------- ------------ $224,079,558 $ 484,540,971 $163,779,838 $61,419,537 $ 123,107,584 $122,639,215 ============= ============= ============ =========== ============= ============ 5,000,000 5,750,000 2,600,000 700,000 1,700,000 1,300,000 353 216 -- -- -- -- (7,450,000) (2,700,000) (300,000) -- (600,000) -- ------------- ------------- ------------ ----------- ------------- ------------ (2,449,647) 3,050,216 2,300,000 700,000 1,100,000 1,300,000 ============= ============= ============ =========== ============= ============ $ (231,736) $ (2,045,665) $ 1,517,942 $ 446,023 $ 1,518,048 $ 654,576 ============= ============= ============ =========== ============= ============
195 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR S&P EMERGING MARKETS ETF -------------------------- FOR THE FOR THE PERIOD YEAR ENDED 3/20/2007*- 9/30/2008 9/30/2007 ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.......................................... $ 958,799 $ 280,047 Net realized gain (loss) on investments, foreign currency transactions and futures.................................... 2,058,413 348,605 Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures...... (20,109,950) 7,586,918 ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................. (17,092,738) 8,215,570 ------------ ----------- Net equalization credits and charges........................... 106,486 222,753 ------------ ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (458,445) -- Net realized gains............................................. (520,820) -- ------------ ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (979,265) -- ------------ ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........................... 29,477,491 36,909,262 Cost of shares redeemed........................................ (20,231,043) -- Net income equalization........................................ (106,486) (222,753) ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................................................... 9,139,962 36,686,509 ------------ ----------- Net increase (decrease) in net assets during the period........ (8,825,555) 45,124,832 Net assets at beginning of period.............................. 45,124,832 -- ------------ ----------- NET ASSETS END OF PERIOD(1)...................................... $ 36,299,277 $45,124,832 ============ =========== SHARES OF BENEFICIAL INTEREST: Shares sold.................................................... 400,000 600,000 Shares redeemed................................................ (300,000) -- ------------ ----------- NET INCREASE (DECREASE)........................................ 100,000 600,000 ============ =========== (1) Including undistributed (distribution in excess of) net investment income.............................................. $ 757,546 $ 249,988 ============ ===========
- ------------ * Commencement of operations. See accompanying notes to financial statements. 196 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P EMERGING BRIC 40 ETF EMERGING EUROPE ETF LATIN AMERICA ETF ---------------------------- -------------------------- -------------------------- FOR THE FOR THE FOR THE FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 6/19/2007*- YEAR ENDED 3/20/2007*- YEAR ENDED 3/20/2007*- 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 ------------- ------------ ------------ ----------- ------------ ----------- $ 3,943,149 $ 364,217 $ 839,635 $ 145,400 $ 1,733,636 $ 299,412 (8,467,660) 397 (1,681,698) 21,686 2,142,603 (11,036) (116,559,216) 17,925,484 (46,455,065) 3,934,080 (35,725,029) 8,935,439 ------------- ------------ ------------ ----------- ------------ ----------- (121,083,727) 18,290,098 (47,297,128) 4,101,166 (31,848,790) 9,223,815 ------------- ------------ ------------ ----------- ------------ ----------- 346,383 307,570 723,287 235,319 277,544 65,402 ------------- ------------ ------------ ----------- ------------ ----------- (1,205,020) -- (404,230) -- (761,665) -- -- -- (34,103) -- (36,533) -- ------------- ------------ ------------ ----------- ------------ ----------- (1,205,020) -- (438,333) -- (798,198) -- ------------- ------------ ------------ ----------- ------------ ----------- 249,747,480 138,631,387 90,183,614 34,639,996 95,148,858 30,020,028 (95,646,406) -- -- -- (27,544,011) -- (346,383) (307,570) (723,287) (235,319) (277,544) (65,402) ------------- ------------ ------------ ----------- ------------ ----------- 153,754,691 138,323,817 89,460,327 34,404,677 67,327,303 29,954,626 ------------- ------------ ------------ ----------- ------------ ----------- 31,812,327 156,921,485 42,448,153 38,741,162 34,957,859 39,243,843 156,921,485 -- 38,741,162 -- 39,243,843 -- ------------- ------------ ------------ ----------- ------------ ----------- $ 188,733,812 $156,921,485 $ 81,189,315 $38,741,162 $ 74,201,702 $39,243,843 ============= ============ ============ =========== ============ =========== 7,900,000 5,200,000 1,300,000 600,000 1,100,000 500,000 (3,800,000) -- -- -- (400,000) -- ------------- ------------ ------------ ----------- ------------ ----------- 4,100,000 5,200,000 1,300,000 600,000 700,000 500,000 ============= ============ ============ =========== ============ =========== $ 3,099,496 $ 364,614 $ 591,542 $ 132,983 $ 1,048,493 $ 251,843 ============= ============ ============ =========== ============ ===========
197 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF -------------------------- FOR THE FOR THE PERIOD YEAR ENDED 3/20/2007*- 9/30/2008 9/30/2007 ------------ ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.......................................... $ 4,802,614 $ 279,477 Net realized gain (loss) on investments, foreign currency transactions and futures.................................... (455,703) 10,295 Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures...... (42,767,321) 2,080,572 ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................. (38,420,410) 2,370,344 ------------ ----------- Net equalization credits and charges........................... 1,984,444 66,796 ------------ ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (1,015,292) -- Net realized gains............................................. (100,455) -- ------------ ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................ (1,115,747) -- ------------ ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........................... 164,621,958 25,081,413 Net proceeds from the reinvestment of shares issued............ -- -- Cost of shares redeemed........................................ -- -- Net income equalization........................................ (1,984,444) (66,796) ------------ ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS................................................... 162,637,514 25,014,617 ------------ ----------- Net increase (decrease) in net assets during the period........ 125,085,801 27,451,757 Net assets at beginning of period.............................. 27,451,757 -- ------------ ----------- NET ASSETS END OF PERIOD(1)...................................... $152,537,558 $27,451,757 ============ =========== SHARES OF BENEFICIAL INTEREST: Shares sold.................................................... 2,400,000 400,000 Shares issued to shareholders from reinvestment of distributions............................................... -- -- Shares redeemed................................................ -- -- ------------ ----------- NET INCREASE (DECREASE)........................................ 2,400,000 400,000 ============ =========== (1) Including undistributed (distribution in excess of) net investment income.............................................. $ 4,024,422 $ 266,042 ============ ===========
- ------------ * Commencement of operations See accompanying notes to financial statements. 198 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL SPDR S&P INTERNATIONAL DIVIDEND MID CAP WORLD EX-US ETF SMALL CAP ETF ETF ETF ------------------------- ---------------------------- ------------- ------------- FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD FOR THE PERIOD PERIOD PERIOD YEAR ENDED 4/20/2007*- YEAR ENDED 4/20/2007*- 2/12/2008*- 5/7/2008*- 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2008 ----------- ----------- ------------- ------------ ------------- ------------- $ 602,973 $ 170,239 $ 6,703,837 $ 507,306 $ 1,629,870 $ 56,973 15,226 4,462 (7,266,699) 127,420 (5,802,467) (395,366) (7,844,493) 420,205 (125,441,700) 1,333,438 (9,994,929) (1,546,347) ----------- ----------- ------------- ------------ ------------ ----------- (7,226,294) 594,906 (126,004,562) 1,968,164 (14,167,526) (1,884,740) ----------- ----------- ------------- ------------ ------------ ----------- 372,476 -- 3,155,093 408,647 615,120 -- ----------- ----------- ------------- ------------ ------------ ----------- (228,453) -- (1,646,829) -- (2,270,350) -- (34,955) -- (2,785,844) -- -- -- ----------- ----------- ------------- ------------ ------------ ----------- (263,408) -- (4,432,673) -- (2,270,350) -- ----------- ----------- ------------- ------------ ------------ ----------- 21,841,734 13,026,000 375,432,673 108,147,942 59,783,673 7,092,400 -- -- -- -- 22,962 -- -- -- (23,221,738) -- -- -- (372,476) -- (3,155,093) (408,647) (615,120) -- ----------- ----------- ------------- ------------ ------------ ----------- 21,469,258 13,026,000 349,055,842 107,739,295 59,191,515 7,092,400 ----------- ----------- ------------- ------------ ------------ ----------- 14,352,032 13,620,906 221,773,700 110,116,106 43,368,759 5,207,660 13,620,906 -- 110,116,106 -- -- -- ----------- ----------- ------------- ------------ ------------ ----------- $27,972,938 $13,620,906 $ 331,889,806 $110,116,106 $ 43,368,759 $ 5,207,660 =========== =========== ============= ============ ============ =========== 800,000 400,000 11,800,000 3,000,000 900,000 200,000 -- -- -- -- 380 -- -- -- (800,000) -- -- -- ----------- ----------- ------------- ------------ ------------ ----------- 800,000 400,000 11,000,000 3,000,000 900,380 200,000 =========== =========== ============= ============ ============ =========== $ 542,254 $ 164,987 $ 5,289,106 $ 504,245 $ (645,245) $ 63,173 =========== =========== ============= ============ ============ ===========
199 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR S&P SPDR DJ EMERGING WILSHIRE MARKETS GLOBAL SMALL CAP REAL ESTATE ETF ETF ----------- ----------- FOR THE FOR THE PERIOD PERIOD 5/12/2008*- 5/7/2008*- 9/30/2008 9/30/2008 ----------- ----------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income........................................... $ 61,080 $ 128,151 Net realized gain (loss) on investments, foreign currency transactions and futures..................................... (64,629) (110,381) Net change in unrealized appreciation (depreciation) on investments, foreign currency transactions and futures....... (2,194,587) (1,749,172) ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................... (2,198,136) (1,731,402) ----------- ----------- Net equalization credits and charges............................ 111,201 63,064 ----------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........................................... -- (155,654) Net realized gains.............................................. -- -- ----------- ----------- TOTAL DISTRIBUTIONS TO SHAREHOLDERS............................. -- (155,654) ----------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares............................ 12,004,964 17,618,342 Net proceeds from the reinvestment of shares issued............. -- -- Cost of shares redeemed......................................... -- -- Net income equalization......................................... (111,201) (63,064) ----------- ----------- NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................................................... 11,893,763 17,555,278 ----------- ----------- Net increase (decrease) in net assets during the period......... 9,806,828 15,731,286 Net assets at beginning of period............................... -- -- ----------- ----------- NET ASSETS END OF PERIOD(1) $ 9,806,828 $15,731,286 =========== =========== SHARES OF BENEFICIAL INTEREST: Shares sold..................................................... 300,000 400,000 Shares issued to shareholders from reinvestment of distributions................................................ -- -- Shares redeemed................................................. -- -- ----------- ----------- NET INCREASE (DECREASE)......................................... 300,000 400,000 =========== =========== (1) Including undistributed (distribution in excess of) net investment income............................................... $ 48,547 $ (27,991) =========== ===========
- ------------ * Commencement of operations See accompanying notes to financial statements. 200 - --------------------------------------------------------------------------------
SPDR DJ SPDR WILSHIRE FTSE/MACQUARIE SPDR INTERNATIONAL GLOBAL INFRASTRUCTURE 100 MSCI ACWI REAL ESTATE ETF ETF EX-US ETF ------------------------------- -------------------------- ---------------------------- FOR THE FOR THE FOR THE FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 12/15/2006*- YEAR ENDED 1/25/2007*- YEAR ENDED 1/10/2007*- 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 -------------- -------------- ------------ ----------- ------------- ------------ $ 34,442,707 $ 16,421,890 $ 2,648,246 $ 452,197 $ 7,720,869 $ 1,315,835 (47,506,451) (6,626,202) (315,720) 94,262 1,181,987 114,100 (459,696,978) (18,311,421) (21,035,048) 2,694,096 (113,298,549) 10,307,283 -------------- -------------- ------------ ----------- ------------- ------------ (472,760,722) (8,515,733) (18,702,522) 3,240,555 (104,395,693) 11,737,218 -------------- -------------- ------------ ----------- ------------- ------------ 1,095,614 3,864,004 806,088 276,629 4,065,058 658,602 -------------- -------------- ------------ ----------- ------------- ------------ (35,627,956) (19,239,701) (1,125,385) -- (4,783,573) -- -- -- (243,403) -- (347,849) -- -------------- -------------- ------------ ----------- ------------- ------------ (35,627,956) (19,239,701) (1,368,788) -- (5,131,422) -- -------------- -------------- ------------ ----------- ------------- ------------ 356,367,190 1,138,413,796 53,873,665 42,900,981 263,045,750 115,953,647 751,857 567,472 -- -- -- -- (148,838,147) -- -- -- (22,570,680) -- (1,095,614) (3,864,004) (806,088) (276,629) (4,065,058) (658,602) -------------- -------------- ------------ ----------- ------------- ------------ 207,185,286 1,135,117,264 53,067,577 42,624,352 236,410,012 115,295,045 -------------- -------------- ------------ ----------- ------------- ------------ (300,107,778) 1,111,225,834 33,802,355 46,141,536 130,947,955 127,690,865 1,111,225,834 -- 46,141,536 -- 127,690,865 -- -------------- -------------- ------------ ----------- ------------- ------------ $ 811,118,056 $1,111,225,834 $ 79,943,891 $46,141,536 $ 258,638,820 $127,690,865 ============== ============== ============ =========== ============= ============ 6,800,000 17,400,000 900,000 800,000 6,400,000 3,000,000 13,405 8,917 -- -- -- -- (2,800,000) -- -- (600,000) -- -------------- -------------- ------------ ----------- ------------- ------------ 4,013,405 17,408,917 900,000 800,000 5,800,000 3,000,000 ============== ============== ============ =========== ============= ============ $ (2,892,727) $ (2,353,705) $ 2,007,866 $ 471,621 $ 4,311,569 $ 1,320,620 ============== ============== ============ =========== ============= ============
201 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR RUSSELL/NORMURA PRIME JAPAN ETF ---------------------------- FOR THE FOR THE PERIOD YEAR ENDED 11/9/2006*- 9/30/2008 9/30/2007 ------------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income......................................... $ 343,143 $ 2,098,585 Net realized gain (loss) on investments and foreign currency transactions............................................... 3,600,579 125,675 Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions.............. (13,864,853) 6,491,493 ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS................................................. (9,921,131) 8,715,753 ------------- ------------ Net equalization credits and charges.......................... (772,463) -- ------------- ------------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income......................................... (2,031,837) (1,530) Net realized gains............................................ (190,893) -- ------------- ------------ TOTAL DISTRIBUTIONS TO SHAREHOLDERS........................... (2,222,730) (1,530) ------------- ------------ FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares.......................... -- 259,677,426 Net proceeds from the reinvestment of shares issued........... -- -- Cost of shares redeemed....................................... (232,461,733) -- Net income equalization....................................... 772,463 -- ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM BENEFICIAL INTEREST TRANSACTIONS.................................................. (231,689,270) 259,677,426 ------------- ------------ Net increase (decrease) in net assets during the period....... (244,605,594) 268,391,649 Net assets at beginning of period............................. 268,391,649 -- ------------- ------------ NET ASSETS END OF PERIOD(1)..................................... $ 23,786,055 $268,391,649 ============= ============ SHARES OF BENEFICIAL INTEREST: Shares sold................................................... -- 4,800,000 Shares issued to shareholders from reinvestment of distributions.............................................. -- -- Shares redeemed............................................... (4,200,000) -- ------------- ------------ NET INCREASE (DECREASE)....................................... (4,200,000) 4,800,000 ============= ============ (1) Including undistributed (distribution in excess of) net investment income............................................. $ 410,654 $ 2,031,837 ============= ============
- ------------ * Commencement of operations. See accompanying notes to financial statements. 202 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL RUSSELL/NORMURA CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIAL SMALL CAP JAPAN ETF SECTOR ETF SECTOR ETF SECTOR ETF SECTOR ETF --------------------------- ---------------------- ---------------- ------------- ------------- FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE PERIOD PERIOD PERIOD PERIOD PERIOD YEAR ENDED 11/9/2006*- 7/16/2008*- 7/16/2008*- 7/16/2008*- 7/16/2008*- 9/30/2008 9/30/2007 9/30/2008 9/30/2008 9/30/2008 9/30/2008 ------------ ------------ ---------------------- ---------------- ------------- ------------- $ 1,180,850 $ 1,191,067 $ 20,019 $ 25,298 $ 37,381 $ 20,816 (5,006,498) (8,155,363) 4,172 1,780 (10,312) (361) (22,438,534) (8,882,965) (651,138) (339,793) (1,309,489) (610,163) ------------ ------------ ---------- ---------- ----------- ---------- (26,264,182) (15,847,261) (626,947) (312,715) (1,282,420) (589,708) ------------ ------------ ---------- ---------- ----------- ---------- (272,670) (56,443) -- -- -- -- ------------ ------------ ---------- ---------- ----------- ---------- (1,188,740) (17,720) (6,448) (21,072) (27,210) (18,330) -- -- -- -- -- -- ------------ ------------ ---------- ---------- ----------- ---------- (1,188,740) (17,720) (6,448) (21,072) (27,210) (18,330) ------------ ------------ ---------- ---------- ----------- ---------- 17,054,846 196,611,332 5,108,000 5,494,000 6,323,333 4,903,333 1,095 -- -- -- -- -- (50,240,648) (43,051,452) -- -- -- -- 272,670 56,443 -- -- -- -- ------------ ------------ ---------- ---------- ----------- ---------- (32,912,037) 153,616,323 5,108,000 5,494,000 6,323,333 4,903,333 ------------ ------------ ---------- ---------- ----------- ---------- (60,637,629) 137,694,899 4,474,605 5,160,213 5,013,703 4,295,295 137,694,899 -- -- -- -- -- ------------ ------------ ---------- ---------- ----------- ---------- $ 77,057,270 $137,694,899 $4,474,605 $5,160,213 $ 5,013,703 $4,295,295 ============ ============ ========== ========== =========== ========== 400,000 3,750,000 200,000 200,000 200,000 200,000 25 -- -- -- -- -- (1,100,000) (900,000) -- -- -- -- ------------ ------------ ---------- ---------- ----------- ---------- (699,975) 2,850,000 200,000 200,000 200,000 200,000 ============ ============ ========== ========== =========== ========== $ 1,209,725 $ 1,188,740 $ 17,373 $ 4,105 $ 4,483 $ 2,125 ============ ============ ========== ========== =========== ==========
203 SPDR INDEX SHARES FUNDS STATEMENTS OF CHANGES IN NET ASSETS (CONTINUED) - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL HEALTH CARE INDUSTRIAL SECTOR SECTOR ETF ETF ------------- ------------- FOR THE FOR THE PERIOD PERIOD 7/16/2008*- 7/16/2008*- 9/30/2008 9/30/2008 ------------- ------------- INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: Net investment income.......................................... $ 21,648 $ 17,115 Net realized gain (loss) on investments and foreign currency transactions................................................ (69,952) (4,301) Net change in unrealized appreciation (depreciation) on investments and foreign currency transactions............... (512,050) (1,083,905) ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS.................................................. (560,354) (1,071,091) ---------- ----------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.......................................... (9,902) (9,075) ---------- ----------- FROM BENEFICIAL INTEREST TRANSACTIONS: Net proceeds from the sale of shares........................... 6,246,000 5,493,334 ---------- ----------- Net increase (decrease) in net assets during the period........ 5,675,744 4,413,168 Net assets at beginning of period.............................. -- -- ---------- ----------- NET ASSETS END OF PERIOD(1)...................................... $5,675,744 $ 4,413,168 ========== =========== SHARES OF BENEFICIAL INTEREST: Share sold..................................................... 200,000 200,000 ========== =========== (1) Including undistributed (distribution in excess of) net investment income.............................................. $ 11,712 $ 8,057 ========== ===========
- ------------ * Commencement of operations. See accompanying notes to financial statements. 204 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL TELECOMMUNICATIONS UTILITIES SECTOR SECTOR ETF ETF ------------------ ------------- SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL MATERIALS TECHNOLOGY SECTOR SECTOR ETF ETF ------------- ------------- FOR THE FOR THE FOR THE FOR THE PERIOD PERIOD PERIOD PERIOD 7/16/2008*- 7/16/2008*- 7/16/2008*- 7/16/2008*- 9/30/2008 9/30/2008 9/30/2008 9/30/2008 ------------- ------------- ------------------ ------------- $ 23,231 $ 11,770 $ 33,024 $ 76,199 (21,694) (46) (697) (6,776) (1,983,564) (1,111,771) (866,723) (886,841) ----------- ----------- ---------- ---------- (1,982,027) (1,100,047) (834,396) (817,418) ----------- ----------- ---------- ---------- (14,130) -- (27,199) (87,344) ----------- ----------- ---------- ---------- 6,304,667 5,554,000 5,403,333 5,894,000 ----------- ----------- ---------- ---------- 4,308,510 4,453,953 4,541,738 4,989,238 -- -- -- -- ----------- ----------- ---------- ---------- $ 4,308,510 $ 4,453,953 $4,541,738 $4,989,238 =========== =========== ========== ========== 200,000 200,000 200,000 200,000 =========== =========== ========== ========== $ 8,541 $ 11,724 $ 5,128 $ (12,774) =========== =========== ========== ==========
205 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ STOXX 50 ETF ---------------------------------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 9/30/2008 9/30/2007 9/30/2006 9/30/2005 9/30/2004+ ---------- ---------- ---------- ---------- ---------- NET ASSET VALUE, BEGINNING OF PERIOD............. $ 53.69 $ 44.48 $ 39.31 $ 33.20 $ 27.89 ------- -------- ------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)..................... 1.88 1.50 1.30(5) 1.01 0.99 Net realized and unrealized gain (loss) (7)...... (17.09) 9.22 5.05 6.10 5.16 ------- -------- ------- ------- ------- Total from investment operations................. (15.21) 10.72 6.35 7.11 6.15 ------- -------- ------- ------- ------- Net equalization credits and charges (5)......... (0.12) (0.03) 0.38 0.00(4) 0.01 ------- -------- ------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income............................ (1.69) (1.47) (1.41) (1.00) (0.85) Net realized gains............................... (0.34) (0.01) (0.15) -- -- ------- -------- ------- ------- ------- Total distributions.............................. (2.03) (1.48) (1.56) (1.00) (0.85) ------- -------- ------- ------- ------- NET ASSET VALUE, END OF PERIOD................... $ 36.33 $ 53.69 $ 44.48 $ 39.31 $ 33.20 ======= ======== ======= ======= ======= TOTAL RETURN (1)................................. (29.27)% 24.22% 17.40% 21.60% 22.13% Net assets, end of period (in 000's)............. $76,311 $185,256 $71,175 $31,447 $24,896 Ratio of expenses to average net assets.......... 0.29% 0.30% 0.33% 0.32% 0.33% Ratio of net investment income (loss) to average net assets..................................... 3.35% 3.16% 3.13% 2.75% 2.98% Portfolio turnover rate (3)...................... 14% 9% 14% 9% 7%
See accompanying notes to financial highlights on page 214 and notes to financial statements. 206 - --------------------------------------------------------------------------------
SPDR DJ EURO STOXX 50 ETF - ------------------------------------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED 9/30/2008 9/30/2007 9/30/2006 9/30/2005 9/30/2004+ - ---------- ---------- ---------- ---------- ---------- $ 62.12 $ 49.23 $ 41.31 $ 33.94 $ 27.97 -------- -------- -------- -------- ------- 2.17 1.40 1.32(5) 0.94 0.64 (19.32) 12.80 7.92 7.39 6.14 -------- -------- -------- -------- ------- (17.15) 14.20 9.24 8.33 6.78 -------- -------- -------- -------- ------- (0.24) 0.35 (0.08) 0.02 0.01 -------- -------- -------- -------- ------- (1.95) (1.66) (1.24) (0.98) (0.82) (0.90) -- -- -- -- -------- -------- -------- -------- ------- (2.85) (1.66) (1.24) (0.98) (0.82) -------- -------- -------- -------- ------- $ 41.88 $ 62.12 $ 49.23 $ 41.31 $ 33.94 ======== ======== ======== ======== ======= (29.00)% 29.76% 22.48% 24.82% 24.21% $224,080 $484,541 $233,865 $179,688 $93,325 0.29% 0.30% 0.33% 0.32% 0.33% 3.53% 2.86% 2.92% 2.79% 1.92% 14% 11% 6% 15% 11%
207 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P EMERGING SPDR S&P SPDR S&P EMERGING ASIA PACIFIC ETF CHINA ETF MARKETS ETF -------------------------- -------------------------- -------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* - 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 ---------- -------------- ---------- -------------- ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD............................. $ 87.74 $ 60.50 $ 94.34 $ 52.23 $ 75.21 $ 55.63 -------- ------- -------- -------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)......... 0.90 0.64 0.75 0.50 1.32 0.42 Net realized and unrealized gain (loss) (7)......................... (35.04) 25.50 (43.64) 40.90 (23.44) 18.49 -------- ------- -------- -------- ------- ------- Total from investment operations..... (34.14) 26.14 (42.89) 41.40 (22.12) 18.91 -------- ------- -------- -------- ------- ------- Net equalization credits and charges (5)................................ 2.13 1.10 0.47 0.71 0.16 0.67 -------- ------- -------- -------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income................ (1.03) -- (0.63) -- (0.65) -- Net realized gains................... (0.11) -- -- -- (0.74) -- -------- ------- -------- -------- ------- ------- Total distributions.................. (1.14) -- (0.63) -- (1.39) -- -------- ------- -------- -------- ------- ------- NET ASSET VALUE, END OF PERIOD....... $ 54.59 $ 87.74 $ 51.29 $ 94.34 $ 51.86 $ 75.21 ======== ======= ======== ======== ======= ======= TOTAL RETURN (1)..................... (36.95)% 45.03% (45.26)% 80.64% (29.77)% 35.20% Net assets, end of period (in 000's)............................. $163,780 $61,420 $123,108 $122,639 $36,299 $45,125 Ratio of expenses to average net assets............................. 0.59% 0.63%(2) 0.59% 0.59%(2) 0.59% 0.60%(2) Ratio of expenses to average net assets before waiver............... 0.59% 0.63%(2) 0.59% 0.59%(2) 0.59% 0.60%(2) Ratio of net investment income (loss) to average net assets.............. 2.28% 3.33%(2) 1.33% 2.56%(2) 1.97% 2.42%(2) Portfolio turnover rate (3).......... 7% 1% 4% 0% 11% 0%(6)
See accompanying notes to financial highlights on page 214 and notes to financial statements. 208 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P EMERGING SPDR S&P EMERGING BRIC 40 ETF EUROPE ETF LATIN AMERICA ETF - ---------------------------- --------------------------- --------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 6/19/2007* - YEAR ENDED 3/20/2007* - YEAR ENDED 3/20/2007* - 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 - ---------- -------------- ---------- -------------- ---------- -------------- $ 30.18 $ 24.07 $ 64.57 $ 54.38 $ 78.49 $ 57.51 -------- -------- ------- ------- ------- ------- 0.39 0.07 0.46 0.22 1.32 0.50 (10.19) 5.90 (22.41) 9.18 (17.23) 20.32 -------- -------- ------- ------- ------- ------- (9.80) 5.97 (21.95) 9.40 (15.91) 20.82 -------- -------- ------- ------- ------- ------- 0.04 0.14 0.51 0.79 0.25 0.16 -------- -------- ------- ------- ------- ------- (0.13) -- (0.37) -- (0.95) -- -- -- (0.03) -- (0.05) -- -------- -------- ------- ------- ------- ------- (0.13) -- (0.40) -- (1.00) -- -------- -------- ------- ------- ------- ------- $ 20.29 $ 30.18 $ 42.73 $ 64.57 $ 61.83 $ 78.49 ======== ======== ======= ======= ======= ======= (32.50)% 25.38% (33.45)% 18.73% (20.21)% 36.49% $188,734 $156,921 $81,189 $38,741 $74,202 $39,244 0.40% 0.40%(2) 0.60% 0.60%(2) 0.60% 0.60%(2) 0.50% 0.50%(2) 0.60% 0.60%(2) 0.60% 0.60%(2) 1.43% 2.31%(2) 0.96% 1.53%(2) 1.94% 1.98%(2) 16% 0% 19% 3% 7% 2%
209 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P EMERGING SPDR S&P SPDR S&P INTERNATIONAL MIDDLE EAST & AFRICA ETF WORLD EX-US ETF SMALL CAP ETF -------------------------- -------------------------- -------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 3/20/2007* - YEAR ENDED 4/20/2007* - YEAR ENDED 4/20/2007* - 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 ---------- -------------- ---------- -------------- ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD... $ 68.63 $ 59.25 $ 34.05 $ 32.57 $ 36.71 $ 35.59 -------- ------- ------- ------- -------- -------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss)........... 1.79(8) 0.67 0.61 0.41 0.51 0.17 Net realized and unrealized gain (loss) (7).................................. (15.86) 8.49 (11.31) 1.07 (13.04) 0.70 -------- ------- ------- ------- -------- -------- Total from investment operations....... (14.07) 9.16 (10.70) 1.48 (12.53) 0.87 -------- ------- ------- ------- -------- -------- Net equalization credits and charges (5).................................. 1.04 0.22 0.62 -- 0.35 0.25 -------- ------- ------- ------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income.................. (1.02) -- (0.57) -- (0.30) -- Net realized gains..................... (0.10) -- (0.09) -- (0.52) -- -------- ------- ------- ------- -------- -------- Total distributions.................... (1.12) -- (0.66) -- (0.82) -- -------- ------- ------- ------- -------- -------- NET ASSET VALUE, END OF PERIOD......... $ 54.48 $ 68.63 $ 23.31 $ 34.05 $ 23.71 $ 36.71 ======== ======= ======= ======= ======== ======== TOTAL RETURN (1)....................... (19.37)% 15.84% (30.13)% 4.56% (33.83)% 3.14% Net assets, end of period (in 000's)... $152,538 $27,452 $27,973 $13,621 $331,890 $110,116 Ratio of expenses to average net assets............................... 0.59% 0.59%(2) 0.35% 0.35%(2) 0.59% 0.59%(2) Ratio of net investment income (loss) to average net assets................ 3.88% 2.65%(2) 3.36% 2.89%(2) 2.38% 1.89%(2) Portfolio turnover rate (3)............ 7% 1% 4% 0%(6) 46% 2%
See accompanying notes to financial highlights on page 214 and notes to financial statements. 210 - --------------------------------------------------------------------------------
SPDR DJ SPDR S&P SPDR S&P SPDR S&P WILSHIRE INTERNATIONAL INTERNATIONAL EMERGING MARKETS GLOBAL DIVIDEND MID CAP SMALL CAP REAL ESTATE ETF ETF ETF ETF - -------------- -------------- ---------------- -------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 2/12/2008* - 5/7/2008* - 5/12/2008* - 5/7/2008* - 9/30/2008 9/30/2008 9/30/2008 9/30/2008 - -------------- -------------- ---------------- -------------- $ 70.76 $ 35.46 $ 52.29 $ 49.87 ------- ------- ------- ------- 3.56 0.32 0.16 0.56 (23.17) (9.74) (20.81) (10.80) ------- ------- ------- ------- (19.61) (9.42) (20.65) (10.24) ------- ------- ------- ------- 1.30 -- 1.05 0.33 ------- ------- ------- ------- (4.28) -- -- (0.63) -- -- -- -- ------- ------- ------- ------- (4.28) -- -- (0.63) ------- ------- ------- ------- $ 48.17 $ 26.04 $ 32.69 $ 39.33 ======= ======= ======= ======= (26.93)% (26.54)% (37.48)% (19.89)% $43,369 $ 5,208 $ 9,807 $15,731 0.48%(2) 0.45%(2) 0.76%(2) 0.50%(2) 8.77%(2) 2.22%(2) 3.41%(2) 3.97%(2) 71% 19% 2% 4%
211 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR DJ WILSHIRE SPDR FTSE/MACQUARIE INTERNATIONAL REAL ESTATE GLOBAL INFRASTRUCTURE 100 ETF ETF ---------------------------- ---------------------------- FOR THE PERIOD FOR THE PERIOD YEAR ENDED 12/15/2006* - YEAR ENDED 1/25/2007* - 9/30/2008 9/30/2007 9/30/2008 9/30/2007 ---------- -------------- ---------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD............ $ 63.83 $ 60.28 $ 57.68 $ 50.41 -------- ---------- ------- ------- INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).................... 1.80 1.20 1.53(8) 0.59 Net realized and unrealized gain (loss) (7)..... (26.03) 3.33 (11.64) 6.11 -------- ---------- ------- ------- Total from investment operations................ (24.23) 4.53 (10.11) 6.70 -------- ---------- ------- ------- Net equalization credits and charges (5)........ 0.06 0.36 0.60 0.57 -------- ---------- ------- ------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income........................... (1.80) (1.34) (0.94) -- Net realized gains.............................. -- -- (0.20) -- -------- ---------- ------- ------- Total distributions............................. (1.80) (1.34) (1.14) -- -------- ---------- ------- ------- NET ASSET VALUE, END OF PERIOD.................. $ 37.86 $ 63.83 $ 47.03 $ 57.68 ======== ========== ======= ======= TOTAL RETURN (1)................................ (38.38)% 8.09% (16.93)% 14.43% Net assets, end of period (in 000's)............ $811,118 $1,111,226 $79,944 $46,142 Ratio of expenses to average net assets......... 0.59% 0.60%(2) 0.59% 0.59%(2) Ratio of net investment income (loss) to average net assets.................................... 3.43% 3.01%(2) 3.49% 2.50%(2) Portfolio turnover rate (3)..................... 8% 16% 7% 6%
See accompanying notes to financial highlights on page 214 and notes to financial statements. 212 - --------------------------------------------------------------------------------
SPDR MSCI ACWI SPDR RUSSELL/NORMURA SPDR RUSSELL/NORMURA EX-US ETF PRIME JAPAN ETF SMALL CAP JAPAN ETF - ---------------------------- ---------------------------- ---------------------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD YEAR ENDED 1/10/2007* - YEAR ENDED 11/9/2006* - YEAR ENDED 11/9/2006* - 9/30/2008 9/30/2007 9/30/2008 9/30/2007 9/30/2008 9/30/2007 - ---------- -------------- ---------- -------------- ---------- -------------- $ 42.56 $ 35.60 $ 55.91 $ 52.65 $ 48.31 $ 48.70 -------- -------- ------- -------- ------- -------- 0.82 0.44 1.95 0.42 0.71 0.53 (13.76) 6.12 (15.75) 2.84 (12.49) (0.77) -------- -------- ------- -------- ------- -------- (12.94) 6.56 (13.80) 3.26 (11.78) (0.24) -------- -------- ------- -------- ------- -------- 0.60 0.40 (0.62) -- (0.12) (0.03) -------- -------- ------- -------- ------- -------- (0.77) -- (1.69) 0.00(4) (0.57) (0.12) (0.06) -- (0.16) -- -- -- -------- -------- ------- -------- ------- -------- (0.83) -- (1.85) -- (0.57) (0.12) -------- -------- ------- -------- ------- -------- $ 29.39 $ 42.56 $ 39.64 $ 55.91 $ 35.84 $ 48.31 ======== ======== ======= ======== ======= ======== (29.53)% 19.55% (26.48)% 6.19% (24.85)% (0.57)% $258,639 $127,691 $23,786 $268,392 $77,057 $137,695 0.34% 0.35%(2) 0.50% 0.51%(2) 0.55% 0.56%(2) 3.00% 2.78%(2) 0.52% 0.97%(2) 1.24% 1.26%(2) 5% 1% 3% 0%(6) 22% 2%
213 SPDR INDEX SHARES FUNDS FINANCIAL HIGHLIGHTS (CONTINUED) SELECTED DATA FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL SPDR S&P SPDR S&P SPDR S&P CONSUMER CONSUMER INTERNATIONAL INTERNATIONAL INTERNATIONAL DISCRETIONARY STAPLES ENERGY FINANCIAL HEALTH CARE SECTOR SECTOR SECTOR SECTOR SECTOR ETF ETF ETF ETF ETF -------------- -------------- -------------- -------------- -------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008*- 7/16/2008* - 9/30/2008 9/30/2008 9/30/2008 9/30/2008 9/30/2008 -------------- -------------- -------------- -------------- -------------- NET ASSET VALUE, BEGINNING OF PERIOD...... $ 25.54 $27.47 $ 31.62 $ 24.52 $31.23 ------- ------ ------- ------- ------ INCOME (LOSS) FROM INVESTMENT OPERATIONS: Net investment income (loss).............. 0.12 0.13 0.16 0.10 0.11 Net realized and unrealized gain (loss) (7)..................................... (3.26) (1.69) (6.57) (3.05) (2.91) ------- ------ ------- ------- ------ Total from investment operations.......... (3.14) (1.56) (6.41) (2.95) (2.80) ------- ------ ------- ------- ------ DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income..................... (0.03) (0.11) (0.14) (0.09) (0.05) ------- ------ ------- ------- ------ NET ASSET VALUE, END OF PERIOD............ $ 22.37 $25.80 $ 25.07 $ 21.48 $28.38 ======= ====== ======= ======= ====== TOTAL RETURN (1).......................... (12.29)% (5.70)% (20.28)% (12.03)% (8.97)% Net assets, end of period (in 000's)...... $ 4,475 $5,160 $ 5,014 $ 4,295 $5,676 Ratio of expenses to average net assets... 0.52%(2) 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2) Ratio of net investment income (loss) to average net assets...................... 1.88%(2) 2.17%(2) 3.03%(2) 2.03%(2) 1.67%(2) Portfolio turnover rate (3)............... 1% 9% 1% 0% 18%
- -------- * Commencement of operations (1) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each Fund. Total return for periods of less than one year is not annualized. Broker commission charges are not included in this calculation. (2) Annualized (3) Portfolio Turnover rate excludes securities received or delivered from processing of creations or redemptions. (4) Amount is less than $0.005 per share (5) Per share numbers have been calculated using average shares outstanding. (6) Amount shown represents less than 0.5% (7) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. (8) Net investment income per share reflects receipt of a special one time dividend from a portfolio holding. The effect of these dividends amounted to $0.38 per share on SPDR S&P Emerging Middle East & Africa ETF, $0.44 per share on SPDR FTSE/Macquarie Global Infrastructure 100 ETF, and $0.31 per share on SPDR S&P International Utilities Sector ETF, respectively. + Effective on July 1, 2004, SSgA Funds Management, Inc. succeeded UBS Global Asset Management (US) Inc. as the Fund's Adviser. See accompanying notes to financial statements. 214 - --------------------------------------------------------------------------------
SPDR S&P SPDR S&P SPDR S&P SPDR S&P SPDR S&P INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INTERNATIONAL INDUSTRIAL MATERIALS TECHNOLOGY TELECOMMUNICATIONS UTILITIES SECTOR SECTOR SECTOR SECTOR SECTOR ETF ETF ETF ETF ETF - -------------- -------------- -------------- ------------------ -------------- FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD FOR THE PERIOD 7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008* - 7/16/2008* - 9/30/200 9/30/2008 9/30/2008 9/30/2008 9/30/2008 - -------------- -------------- -------------- ------------------ -------------- $ 27.47 $ 31.52 $ 27.77 $ 27.02 $ 29.47 ------- ------- ------- ------- ------- 0.09 0.11 0.06 0.16 0.37(8) (5.44) (10.02) (5.56) (4.33) (4.45) ------- ------- ------- ------- ------- (5.35) (9.91) (5.50) (4.17) (4.08) ------- ------- ------- ------- ------- (0.05) (0.07) -- (0.14) (0.44) ------- ------- ------- ------- ------- $ 22.07 $ 21.54 $ 22.27 $ 22.71 $ 24.95 ======= ======= ======= ======= ======= (19.49)% (31.44)% (19.81)% (15.45)% (13.87)% $ 4,413 $ 4,309 $ 4,454 $ 4,542 $ 4,989 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2) 0.50%(2) 1.55%(2) 1.99%(2) 1.04%(2) 3.11%(2) 6.47%(2) 0% 4% 0% 0% 1%
215 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- 1. ORGANIZATION The SPDR Index Shares Funds (the "Trust"), which is registered under the Investment Company Act of 1940, as amended, is an open-end investment management company that was organized as a Massachusetts business trust on February 14, 2002. As of September 30, 2008, the Trust offered thirty (30) portfolios, each of which represents a separate series of beneficial interest in the Trust (each referred to as a "Fund" and collectively as the "Funds"). Accordingly, the financial statements herein relate to the following Funds: SPDR DJ STOXX 50 ETF (formerly, DJ STOXX 50 ETF), SPDR DJ EURO STOXX 50 ETF (formerly, DJ EURO STOXX 50 ETF), SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF. Each Fund operates as a non-diversified investment company. The investment objective of each Fund is to replicate as closely as possible, before expenses, the price and yield or total return performance of a specified market index. Under the Trust's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred. However, the Trust expects the risk of material loss to be remote. The Trust invests in various investments which are exposed to risks, such as market risk. Due to the level of risk associated with certain investments it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect the amounts reported in the financial statements. An investment in a Fund involves risks similar to those of investing in any fund of equity securities, such as market fluctuations caused by such factors as economic and political developments, changes in interest rates and perceived trends in stock prices. You should anticipate that the value of the Shares will decline, more or less, in correlation with any decline in value of the relevant Index. The values of equity securities could decline generally or could underperform other investments. Further, a Fund would not sell an equity security because the security's issuer was in financial trouble unless that security is removed from the Index. 2. SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements: The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (US GAAP) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. SECURITY VALUATION The value of each Fund's portfolio securities, including exchange-traded futures contracts, is generally based on the securities' last sale price on local markets when available. Investments in open-end investment companies are valued at their net asset value each business day. If a security's market price is not readily available or does not otherwise accurately reflect the fair value of the security, the security will be valued by another method that the Board of 216 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- Trustees (the "Board") believes will better reflect fair value in accordance with the Trust's valuation policies and procedures. The Board has delegated the process of valuing securities for which market quotations are not readily available or do not otherwise accurately reflect the fair value of the security to the Pricing and Investment Committee (the "Committee"). The Committee, subject to oversight by the Board, may use fair value pricing in a variety of circumstances including, but not limited to, situations when the value of a security in a Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded (such as in the case of a corporate action or other news that may materially affect the price of a security) or trading in a security has been suspended or halted. Accordingly, a Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. INVESTMENT INCOME Dividend income is recorded on the ex-dividend date, except for certain foreign dividends for which the Funds may not record until they receive notice of the dividend which could result in the Funds recording on pay date. Interest income is recorded on the accrual basis. The value of additional securities received as dividend payments is recorded as income and or an increase to the cost basis of such securities. EXPENSES Advisory fees and other expenses, which are directly identifiable to a specific Fund, are applied to that Fund. Trustee fees and other expenses which cannot be attributed to a Fund are allocated in such a manner as deemed equitable, taking into consideration the relative net assets of the Funds. EQUALIZATION The Funds follow the accounting practice known as "Equalization" by which a portion of the proceeds from sales and costs of reacquiring shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisitions of Fund shares. INVESTMENT TRANSACTIONS Investment transactions are accounted for on the trade date. Realized gains and losses from the sale or disposition of securities and foreign exchange transactions are recorded on the identified cost basis. Corporate actions (including cash dividends) are recorded on ex-date, net of non-reclaimable foreign tax withholdings. FOREIGN CURRENCY TRANSLATION AND FOREIGN INVESTMENTS The accounting records of the Funds are maintained in U.S. dollars. Portfolio securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars at the prevailing rates of exchange at period end. Purchases and sales of securities, income receipts and expense payments are translated into U.S. dollars at the prevailing exchange rate on the respective dates of transactions. The effects of changes in foreign currency exchange rates on portfolio investments are included in the net realized and unrealized gains and losses on investments and foreign currency on the statement of operations. Net gains and losses on foreign currency transactions include disposition of foreign currencies, and currency gains and losses between the accrual and receipt dates of portfolio investment income and between the trade and settlement dates of portfolio investment transactions. Investing in securities of foreign companies and foreign governments involves special risks and considerations not typically associated with investing in U.S. companies and securities of the U.S. government. These risks include revaluation of currencies and the risk of expropriation. Moreover, the markets for securities of many foreign companies and foreign governments may be less liquid and the prices of such securities may be more volatile than those of comparable U.S. companies and the U.S. government. Some foreign markets in which the Funds invest are considered to be emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. This is due to, among other things, greater market volatility, lower trading volume, political and economic instability, higher levels of inflation, 217 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- deflation or currency devaluation, greater risk of market shut down, and more governmental limitations on foreign investment policy than those typically found in a developed market. FUTURES Futures contracts generally provide for the future sale by one party and purchase by another party of a specified commodity at a specified future time and at a specified price. Stock index futures contracts are settled periodically with a payment by one party to the other of a cash amount based on the difference between the level of the stock index specified in the contract from one day to the next. Futures contracts are standardized as to maturity date and underlying instrument and are traded on futures exchanges. Futures traders are required to make a good faith margin deposit in cash or U.S. government securities with a broker or custodian to initiate and maintain open positions in futures contracts. A margin deposit is intended to assure completion of the contract (delivery or acceptance of the underlying commodity or payment of the cash settlement amount) if it is not terminated prior to the specified delivery date. Brokers may establish deposit requirements which are higher than the exchange minimums. Futures contracts are customarily purchased and sold on margin deposits which may range upward from less than 5% of the value of the contract being traded. After a futures contract position is opened, the value of the contract is marked to market daily. If the futures contract price changes to the extent that the margin on deposit does not satisfy margin requirements, payment of additional "variation" margin will be required. Conversely, change in the contract value may reduce the required margin, resulting in a repayment of excess margin to the contract holder. Variation margin payments are made to and from the futures broker for as long as the contract remains open. In such case, a fund would expect to earn interest income on its margin deposits. Closing out an open futures position is done by taking an opposite position ("buying" a contract which has previously been "sold" or "selling" a contract previously "purchased") in an identical contract to terminate the position. Brokerage commissions are incurred when a futures contract position is opened or closed. Each Fund may use exchange-traded futures, together with positions in cash and money market instruments, to simulate full investment in its underlying benchmark index. Under such circumstances, the Adviser (as defined in Note 3) may seek to utilize other instruments that it believes to be correlated to the underlying index components or a subset of the components. FEDERAL INCOME TAX Each Fund has qualified and intends to continue to qualify for and elect treatment as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended. By so qualifying and electing, each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. In addition, by distributing during each calendar year substantially all their net investment income and capital gains, if any, the Funds will not be subject to federal excise tax. Income and capital gain distributions are determined in accordance with income tax regulations which may differ from US GAAP. These book-tax differences are primarily due to differing treatments for income equalization, in-kind transactions, foreign currencies, losses deferred due to wash sales, and the realization of unrealized gains on investments in passive foreign investment companies. Additionally, based on the Funds' understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which they invest, the Funds will provide for foreign taxes and, where appropriate, deferred foreign taxes. 218 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- For the year ended September 30, 2008, the Funds reclassified non-taxable security gains and losses realized on the in-kind redemption of Creation Units (Note 4) as an increase or decrease to paid in capital in the Statements of Assets and Liabilities as follows:
NET GAIN (LOSS) RECLASSIFIED TO PAID IN CAPITAL - -------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF........................................... $ 4,217,580 SPDR DJ EURO STOXX 50 ETF...................................... 26,675,579 SPDR S&P Emerging Asia Pacific ETF............................. 3,623,265 SPDR S&P China ETF............................................. (1,742,685) SPDR S&P Emerging Markets ETF.................................. 3,507,446 SPDR S&P BRIC 40 ETF........................................... (3,680,534) SPDR S&P Emerging Europe ETF................................... -- SPDR S&P Emerging Latin America ETF............................ 4,635,453 SPDR S&P Emerging Middle East & Africa ETF..................... -- SPDR S&P World ex-US ETF....................................... -- SPDR S&P International Small Cap ETF........................... 2,488,087 SPDR S&P International Dividend ETF............................ -- SPDR S&P International Mid Cap ETF............................. -- SPDR S&P Emerging Markets Small Cap ETF........................ -- SPDR DJ Wilshire Global Real Estate ETF........................ -- SPDR DJ Wilshire International Real Estate ETF................. (8,529,118) SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. -- SPDR MSCI ACWI ex-US ETF....................................... 3,042,361 SPDR Russell/Nomura PRIME Japan ETF............................ 3,948,284 SPDR Russell/Nomura Small Cap Japan ETF........................ (2,543,887) SPDR S&P International Consumer Discretionary Sector ETF....... -- SPDR S&P International Consumer Staples Sector ETF............. -- SPDR S&P International Energy Sector ETF....................... -- SPDR S&P International Financial Sector ETF.................... -- SPDR S&P International Health Care Sector ETF.................. -- SPDR S&P International Industrial Sector ETF................... -- SPDR S&P International Materials Sector ETF.................... -- SPDR S&P International Technology Sector ETF................... -- SPDR S&P International Telecommunications Sector ETF........... -- SPDR S&P International Utilities Sector ETF.................... --
On September 30, 2008, SPDR DJ Wilshire International Real Estate ETF had capital loss carryforwards of $2,568,760, which may be utilized to offset any realized capital gains expiring September 30, 2016. 219 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- The Funds incurred the following losses during the period November 1, 2007 through September 30, 2008, that are deferred for tax purposes until fiscal 2009:
DEFERRED LOSSES - -------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF........................................... $ (5,602,002) SPDR DJ EURO STOXX 50 ETF...................................... (6,627,159) SPDR S&P Emerging Asia Pacific ETF............................. (1,002,009) SPDR S&P China ETF............................................. (2,685,375) SPDR S&P Emerging Markets ETF.................................. (1,195,842) SPDR S&P BRIC 40 ETF........................................... (399,946) SPDR S&P Emerging Europe ETF................................... (1,695,144) SPDR S&P Emerging Latin America ETF............................ (2,291,916) SPDR S&P Emerging Middle East & Africa ETF..................... (439,473) SPDR S&P World ex-US ETF....................................... (10,674) SPDR S&P International Small Cap ETF........................... (10,426,429) SPDR S&P International Dividend ETF............................ (5,603,156) SPDR S&P International Mid Cap ETF............................. (400,918) SPDR S&P Emerging Markets Small Cap ETF........................ (52,093) SPDR DJ Wilshire Global Real Estate ETF........................ (87,494) SPDR DJ Wilshire International Real Estate ETF................. (34,141,023) SPDR FTSE/Macquarie Global Infrastructure 100 ETF.............. (246,762) SPDR MSCI ACWI ex-US ETF....................................... (2,033,696) SPDR Russell/Nomura PRIME Japan ETF............................ (370,261) SPDR Russell/Nomura Small Cap Japan ETF........................ (2,258,682) SPDR S&P International Consumer Discretionary Sector ETF....... -- SPDR S&P International Consumer Staples Sector ETF............. -- SPDR S&P International Energy Sector ETF....................... (4,624) SPDR S&P International Financial Sector ETF.................... -- SPDR S&P International Health Care Sector ETF.................. (64,535) SPDR S&P International Industrial Sector ETF................... (4,318) SPDR S&P International Materials Sector ETF.................... (21,135) SPDR S&P International Technology Sector ETF................... -- SPDR S&P International Telecommunications Sector ETF........... -- SPDR S&P International Utilities Sector ETF.................... (5,147)
220 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- For the year ended September 30, 2008, there were no significant differences between book basis and the tax basis character of distributions to shareholders. The tax character of distributions paid during the year ended September 30, 2008, was as follows:
LONG-TERM ORDINARY INCOME CAPITAL GAIN - --------------------------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF............................................ $ 4,945,259 $ 169,023 SPDR DJ EURO STOXX 50 ETF....................................... 15,641,539 5,130,462 SPDR S&P Emerging Asia Pacific ETF.............................. 1,486,173 -- SPDR S&P China ETF.............................................. 1,313,923 -- SPDR S&P Emerging Markets ETF................................... 979,265 -- SPDR S&P BRIC 40 ETF............................................ 1,205,020 -- SPDR S&P Emerging Europe ETF.................................... 438,333 -- SPDR S&P Emerging Latin America ETF............................. 798,198 -- SPDR S&P Emerging Middle East & Africa ETF...................... 1,115,747 -- SPDR S&P World ex-US ETF........................................ 263,408 -- SPDR S&P International Small Cap ETF............................ 4,432,673 -- SPDR S&P International Dividend ETF............................. 2,270,350 -- SPDR S&P International Mid Cap ETF.............................. -- -- SPDR S&P Emerging Markets Small Cap ETF......................... -- -- SPDR DJ Wilshire Global Real Estate ETF......................... 155,654 -- SPDR DJ Wilshire International Real Estate ETF.................. 35,627,956 -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 1,368,788 -- SPDR MSCI ACWI ex-US ETF........................................ 5,131,422 -- SPDR Russell/Nomura PRIME Japan ETF............................. 2,222,730 -- SPDR Russell/Nomura Small Cap Japan ETF......................... 1,188,740 -- SPDR S&P International Consumer Discretionary Sector ETF........ 6,448 -- SPDR S&P International Consumer Staples Sector ETF.............. 21,072 -- SPDR S&P International Energy Sector ETF........................ 27,210 -- SPDR S&P International Financial Sector ETF..................... 18,330 -- SPDR S&P International Health Care Sector ETF................... 9,902 -- SPDR S&P International Industrial Sector ETF.................... 9,075 -- SPDR S&P International Materials Sector ETF..................... 14,130 -- SPDR S&P International Technology Sector ETF.................... -- -- SPDR S&P International Telecommunications Sector ETF............ 27,199 -- SPDR S&P International Utilities Sector ETF..................... 87,344 --
The tax character of distributions paid during the year ended September 30, 2007, was as follows:
LONG-TERM ORDINARY INCOME CAPITAL GAIN - --------------------------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF............................................ $ 4,198,794 $-- SPDR DJ EURO STOXX 50 ETF....................................... 15,108,265 -- SPDR S&P Emerging Asia Pacific ETF.............................. -- -- SPDR S&P China ETF.............................................. -- -- SPDR S&P Emerging Markets ETF................................... -- -- SPDR S&P BRIC 40 ETF............................................ -- -- SPDR S&P Emerging Europe ETF.................................... -- -- SPDR S&P Emerging Latin America ETF............................. -- -- SPDR S&P Emerging Middle East & Africa ETF...................... -- -- SPDR S&P World ex-US ETF........................................ -- -- SPDR S&P International Small Cap ETF............................ -- -- SPDR DJ Wilshire International Real Estate ETF.................. 19,239,701 -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... -- -- SPDR MSCI ACWI ex-US ETF........................................ -- -- SPDR Russell/Nomura PRIME Japan ETF............................. 1,530 -- SPDR Russell/Nomura Small Cap Japan ETF......................... 17,720 --
221 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- There were no significant differences between the book basis and the tax basis of components of net assets other than differences in the net unrealized appreciation (depreciation) in value of investments attributable to the tax deferral of losses on washed sales, the cumulative return of capital payment, PFICs (Passive Foreign Investment Companies), Redemptions In-Kind, Dividend Payables and the deferral of post-October losses. As of September 30, 2008 the components of distributable earnings on a tax basis were as follows:
UNDISTRIBUTED UNDISTRIBUTED NET UNREALIZED (OVERDISTRIBUTED) LONG-TERM APPRECIATION ORDINARY INCOME CAPITAL GAIN (DEPRECIATION) - ------------------------------------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF................................ $ 880,700 $-- $ (27,185,002) SPDR DJ EURO STOXX 50 ETF........................... 588,170 -- (101,533,611) SPDR S&P Emerging Asia Pacific ETF.................. 1,517,942 -- (51,601,439) SPDR S&P China ETF.................................. 1,518,048 -- (64,906,170) SPDR S&P Emerging Markets ETF....................... 757,546 -- (12,930,567) SPDR S&P BRIC 40 ETF................................ 3,099,496 -- (102,844,299) SPDR S&P Emerging Europe ETF........................ 591,542 -- (42,530,693) SPDR S&P Emerging Latin America ETF................. 1,048,493 -- (26,815,205) SPDR S&P Emerging Middle East & Africa ETF.......... 4,024,422 -- (40,750,762) SPDR S&P World ex-US ETF............................ 542,463 -- (7,426,585) SPDR S&P International Small Cap ETF................ 5,311,892 -- (125,842,520) SPDR S&P International Dividend ETF................. 277,975 -- (10,189,475) SPDR S&P International Mid Cap ETF.................. 63,173 -- (1,546,995) SPDR S&P Emerging Markets Small Cap ETF............. 48,852 -- (2,194,895) SPDR DJ Wilshire Global Real Estate ETF............. 114,492 -- (1,774,808) SPDR DJ Wilshire International Real Estate ETF...... 7,286,989 -- (487,519,447) SPDR FTSE/Macquarie Global Infrastructure 100 ETF... 2,007,866 -- (18,591,859) SPDR MSCI ACWI ex-US ETF............................ 4,311,569 -- (103,113,793) SPDR Russell/Nomura PRIME Japan ETF................. 410,654 -- (7,377,793) SPDR Russell/Nomura Small Cap Japan ETF............. 1,223,058 -- (31,594,540) SPDR S&P International Consumer Discretionary Sector ETF............................................... 24,196 -- (651,143) SPDR S&P International Consumer Staples Sector ETF.. 27,078 -- (339,793) SPDR S&P International Energy Sector ETF............ 31,693 -- (1,309,489) SPDR S&P International Financial Sector ETF......... 20,455 -- (610,163) SPDR S&P International Health Care Sector ETF....... 21,614 -- (517,451) SPDR S&P International Industrial Sector ETF........ 17,132 -- (1,083,905) SPDR S&P International Materials Sector ETF......... 22,671 -- (1,983,563) SPDR S&P International Technology Sector ETF........ 11,724 -- (1,111,771) SPDR S&P International Telecommunications Sector ETF............................................... 32,326 -- (866,723) SPDR S&P International Utilities Sector ETF......... 74,570 -- (886,841)
On July 13, 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48 "Accounting for Uncertainty in Income Taxes" ("FIN 48" or the "Interpretation"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than- not" of being sustained by the applicable tax authority. Tax positions not deemed to meet a "more-likely-than-not" threshold would be recorded as a tax expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Each Fund adopted the provisions of FIN 48 on October 1, 2007. Management evaluated the implications of FIN 48 and determined that the tax positions met a "more-likely-than-not" threshold. The Trust is not aware of any tax positions that for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change over the next twelve months. There was no impact resulting from the adoption of this Interpretation on the Funds' financial statements. Each of the Funds' federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service. It is each Fund's policy to record interest and penalty charges on underpaid taxes associated with its tax positions as interest expense and miscellaneous expense, respectively. No such charges were recorded in the current financial statements. 222 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- DISTRIBUTIONS The Trust declares and distributes dividends from net investment income, if any, to its shareholders quarterly for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P International Dividend ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF. The following Funds distribute annually (semi-annual beginning in 2009): SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF and SPDR Russell/Nomura Small Cap Japan ETF. The Trust distributes net realized capital gains, if any, at least annually. Distributions are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from accounting principles generally accepted in the United States. NEW ACCOUNTING PRONOUNCEMENTS In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("SFAS 157"), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. As a result, the Funds will adopt SFAS 157 for the fiscal year beginning October 1, 2008. Management is evaluating the application of SFAS 157 to the Funds, and believes the impact will be limited to expanded disclosures resulting from the adoption of SFAS 157 in the Funds' financial statements. In March 2008, FASB issued Statement of Financial Accounting Standards No. 161, "Disclosures about Derivative Instruments and Hedging Activities" ("SFAS 161"). SFAS 161 was issued and is effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about Funds' derivative and hedging activities. Management is currently evaluating the impact, if any, the adoption of SFAS 161 will have on the Funds' financial statement disclosures. 223 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- 3. FEES AND COMPENSATION PAID TO AFFILIATES AND OTHER RELATED PARTY TRANSACTIONS ADVISORY FEE ADVISORY FEE Each Fund has entered into an Investment Advisory Agreement with SSgA Funds Management, Inc. (the "Adviser"). As compensation for the services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee accrued daily and paid monthly, based on a percentage of each Fund's average daily net assets as shown in the following table:
ANNUAL RATE ----------- SPDR DJ STOXX 50 ETF............................................. 0.29% SPDR DJ EURO STOXX 50 ETF........................................ 0.29 SPDR S&P Emerging Asia Pacific ETF............................... 0.59 SPDR S&P China ETF............................................... 0.59 SPDR S&P Emerging Markets ETF.................................... 0.59 SPDR S&P BRIC 40 ETF............................................. 0.50* SPDR S&P Emerging Europe ETF..................................... 0.59 SPDR S&P Emerging Latin America ETF.............................. 0.59 SPDR S&P Emerging Middle East & Africa ETF....................... 0.59 SPDR S&P World ex-US ETF......................................... 0.34 SPDR S&P International Small Cap ETF............................. 0.59 SPDR S&P International Dividend ETF.............................. 0.45 SPDR S&P International Mid Cap ETF............................... 0.45 SPDR S&P Emerging Markets Small Cap ETF.......................... 0.65 SPDR DJ Wilshire Global Real Estate ETF.......................... 0.50 SPDR DJ Wilshire International Real Estate ETF................... 0.59 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................ 0.59 SPDR MSCI ACWI ex-US ETF......................................... 0.34 SPDR Russell/Nomura PRIME Japan ETF.............................. 0.50 SPDR Russell/Nomura Small Cap Japan ETF.......................... 0.55 SPDR S&P International Consumer Discretionary Sector ETF......... 0.50 SPDR S&P International Consumer Staples Sector ETF............... 0.50 SPDR S&P International Energy Sector ETF......................... 0.50 SPDR S&P International Financial Sector ETF...................... 0.50 SPDR S&P International Health Care Sector ETF.................... 0.50 SPDR S&P International Industrial Sector ETF..................... 0.50 SPDR S&P International Materials Sector ETF...................... 0.50 SPDR S&P International Technology Sector ETF..................... 0.50 SPDR S&P International Telecommunications Sector ETF............. 0.50 SPDR S&P International Utilities Sector ETF...................... 0.50
* The Adviser has contractually agreed to limit its management fee to the extent necessary to limit annual operating expenses to 0.40% until January 31, 2009. The Adviser pays the operating expenses of each Fund other than the advisory fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustee's counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses. The Tuckerman Group, LLC, an affiliate of the Adviser, receives fees for its services as the sub-adviser to the SPDR DJ Wilshire International Real Estate ETF and the SPDR DJ Wilshire Global Real Estate ETF. State Street Bank and Trust Company ("State Street"), an affiliate of the Adviser, receives fees for its services as Custodian, Administrator and Transfer Agent from the Adviser. See also Note 4. State Street also acts as the securities lending agent for the Funds and receives a portion of any lending income. In addition, cash collateral from lending activities is invested in an investment fund managed by the Adviser, the State Street Navigator Securities Lending Prime Portfolio. The State Street Navigator Securities Lending Prime Portfolio is a series of State Street Navigator Securities Lending Trust, a registered investment company under the 1940 Act, and operates as a money market fund in compliance with Rule 2a-7 under the 1940 Act. See Note 8 for additional information regarding securities lending. 224 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- For the period January 31, 2008 (inception of lending activities via State Street) through September 30, 2008, State Street earned securities lending agent fees as follows:
SECURITIES LENDING AGENT FEES - ---------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.......................................... $ 14,069 SPDR DJ EURO STOXX 50 ETF..................................... 117,512 SPDR S&P Emerging Asia Pacific ETF............................ 3,316 SPDR S&P China ETF............................................ 3,805 SPDR S&P Emerging Markets ETF................................. 2,610 SPDR S&P BRIC 40 ETF.......................................... 12,442 SPDR S&P Emerging Europe ETF.................................. 5,022 SPDR S&P Emerging Latin America ETF........................... 12,771 SPDR S&P Emerging Middle East & Africa ETF.................... 1,735 SPDR S&P World ex-US ETF...................................... 3,128 SPDR S&P International Small Cap ETF.......................... 67,647 SPDR S&P International Dividend ETF........................... 4,754 SPDR S&P International Mid Cap ETF............................ 78 SPDR S&P Emerging Markets Small Cap ETF....................... 7 SPDR DJ Wilshire Global Real Estate ETF....................... 42 SPDR DJ Wilshire International Real Estate ETF................ 125,036 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............. 14,175 SPDR MSCI ACWI ex-US ETF...................................... 37,517 SPDR Russell/Nomura PRIME Japan ETF........................... 2,335 SPDR Russell/Nomura Small Cap Japan ETF....................... 27,071 SPDR S&P International Consumer Discretionary Sector ETF...... -- SPDR S&P International Consumer Staples Sector ETF............ -- SPDR S&P International Energy Sector ETF...................... -- SPDR S&P International Financial Sector ETF................... -- SPDR S&P International Health Care Sector ETF................. -- SPDR S&P International Industrial Sector ETF.................. -- SPDR S&P International Materials Sector ETF................... -- SPDR S&P International Technology Sector ETF.................. -- SPDR S&P International Telecommunications Sector ETF.......... -- SPDR S&P International Utilities Sector ETF................... --
DISTRIBUTOR State Street Global Markets, LLC (the "Distributor"), an affiliate of the Adviser, acts as the principal underwriter of each Fund pursuant to a principal underwriting contract with the Trust. TRUSTEES' FEES The Trust and SPDR Series Trust ("SST Trust") pay, in the aggregate, each independent Trustee an annual fee of $60,000 plus $3,000 per in-person meeting attended. An independent Trustee will receive $1,000 for each telephonic or video conference meeting attended. The Chair of the Board receives an additional annual fee of $25,000 and the Chair of the Audit Committee receives an additional annual fee of $9,000. The Trust also reimburses each independent Trustee for travel and other out-of-pocket expenses incurred by him/her in connection with attending such meetings and in connection with attending industry seminars and meetings. Trustee fees are allocated between the Trust and the SST Trust and each of their respective series in such a manner as deemed equitable, taking into consideration the relative net assets of the series. 225 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- TRANSACTIONS WITH AFFILIATES Each Fund invests its cash collateral for securities lending in the shares of the State Street Navigator Securities Lending Prime Portfolio, an affiliated fund of the Adviser. Amounts relating to these investments at September 30, 2008 and for the period then ended are:
SHARES PURCHASED SHARES SOLD INCOME EARNED NUMBER OF FOR THE FOR THE NUMBER OF FOR THE SHARES HELD YEAR ENDED YEAR ENDED SHARES HELD YEAR ENDED AT 09/30/07 09/30/08 09/30/08 AT 09/30/08 09/30/08 - ------------------------------------------------------------------------------------------------------------------ SPDR DJ STOXX 50 ETF...................... -- 32,475,210 31,049,153 1,426,057 $ 79,828 SPDR DJ EURO STOXX 50 ETF................. -- 194,947,392 189,595,457 5,351,935 666,525 SPDR S&P Emerging Asia Pacific ETF........ -- 42,893,136 36,071,560 6,821,576 18,875 SPDR S&P China ETF........................ -- 32,412,943 28,512,336 3,900,607 21,652 SPDR S&P Emerging Markets ETF............. -- 20,188,959 17,328,989 2,859,970 14,852 SPDR S&P BRIC 40 ETF...................... -- 167,499,968 152,598,693 14,901,275 70,690 SPDR S&P Emerging Europe ETF.............. -- 32,848,323 29,074,232 3,774,091 28,584 SPDR S&P Emerging Latin America ETF....... -- 121,516,784 112,688,535 8,828,249 72,680 SPDR S&P Emerging Middle East & Africa ETF..................................... -- 14,062,539 12,860,439 1,202,100 9,868 SPDR S&P World ex-US ETF.................. -- 9,805,972 7,655,343 2,150,629 17,372 SPDR S&P International Small Cap ETF...... -- 81,213,219 32,903,613 48,309,606 383,478 SPDR S&P International Dividend ETF....... -- 13,092,988 8,563,217 4,529,771 26,845 SPDR S&P International Mid Cap ETF........ -- 607,370 127,884 479,486 442 SPDR S&P Emerging Markets Small Cap ETF... -- 51,191 31,177 20,014 39 SPDR DJ Wilshire Global Real Estate ETF... -- 638,229 138,602 499,627 241 SPDR DJ Wilshire International Real Estate ETF..................................... -- 402,686,412 280,139,111 122,547,301 710,437 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................................. -- 125,902,275 110,609,967 15,292,308 80,548 SPDR MSCI ACWI ex-US ETF.................. -- 85,026,468 56,955,146 28,071,322 212,877 SPDR Russell/Nomura PRIME Japan ETF....... -- 12,087,829 6,549,721 5,538,108 13,126 SPDR Russell/Nomura Small Cap Japan ETF... -- 39,927,842 19,048,862 20,878,980 153,848 SPDR S&P International Consumer Discretionary Sector ETF................ -- -- -- -- -- SPDR S&P International Consumer Staples Sector ETF.............................. -- -- -- -- -- SPDR S&P International Energy Sector ETF.. -- -- -- -- -- SPDR S&P International Financial Sector ETF..................................... -- -- -- -- -- SPDR S&P International Health Care Sector ETF..................................... -- -- -- -- -- SPDR S&P International Industrial Sector ETF..................................... -- -- -- -- -- SPDR S&P International Materials Sector ETF..................................... -- -- -- -- -- SPDR S&P International Technology Sector ETF..................................... -- -- -- -- -- SPDR S&P International Telecommunications Sector ETF.............................. -- -- -- -- -- SPDR S&P International Utilities Sector ETF..................................... -- -- -- -- --
4. SHAREHOLDER TRANSACTIONS With the exception of the Trust's dividend reinvestment plan, Shares are issued and redeemed by a Fund only in Creation Unit size aggregations of 50,000 shares for SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR Russell/Nomura Small Cap Japan ETF and 100,000 shares for SPDR S&P Emerging Asia Pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P International Dividend ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, and 200,000 shares for SPDR World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Mid Cap ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF. Such transactions are generally permitted on an in-kind basis, with a separate cash payment (cash component), which is used to equate the transaction to the net asset value per share of a Fund on the transaction date. Transaction fees at scheduled amounts ranging from $500 to $12,000 per transaction are charged to those institutions creating or redeeming Creation Units. An additional charge of up to three times the transaction fee may be charged to the extent that cash is used in lieu of securities to purchase Creation Units and to 226 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- the extent redemptions are used for cash. Transaction fees are received by the Trust and/or Custodian and used to defray related expenses. The Custodian also receives amounts earned on cash collateral provided by Authorized Participants pending delivery of missing deposit securities. 5. AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION On September 30, 2008, the identified cost of investments in securities owned by each Fund for federal income tax purposes and the gross unrealized appreciation and depreciation were as follows:
GROSS GROSS NET UNREALIZED IDENTIFIED UNREALIZED UNREALIZED APPRECIATION COST APPRECIATION DEPRECIATION (DEPRECIATION) - -------------------------------------------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.......................... $ 104,849,839 $ 292,083 $ 27,459,572 $ (27,167,489) SPDR DJ EURO STOXX 50 ETF..................... 331,207,999 1,446,205 102,948,344 (101,502,139) SPDR S&P Emerging Asia Pacific ETF............ 220,585,056 324,414 51,920,691 (51,596,277) SPDR S&P China ETF............................ 190,740,631 607,061 65,513,552 (64,906,491) SPDR S&P Emerging Markets ETF................. 50,693,918 316,663 13,049,709 (12,733,046) SPDR S&P BRIC 40 ETF.......................... 305,759,779 -- 102,844,630 (102,844,630) SPDR S&P Emerging Europe ETF.................. 126,962,495 201,154 42,676,287 (42,475,133) SPDR S&P Emerging Latin America ETF........... 109,720,036 154,410 26,961,475 (26,807,065) SPDR S&P Emerging Middle East & Africa ETF.... 192,192,610 887,315 41,558,830 (40,671,515) SPDR S&P World ex-US ETF...................... 37,368,306 101,728 7,522,266 (7,420,538) SPDR S&P International Small Cap ETF.......... 500,442,813 1,744,892 127,391,895 (125,647,003) SPDR S&P International Dividend ETF........... 58,671,386 122,468 10,299,804 (10,177,336) SPDR S&P International Mid Cap ETF............ 6,906,825 32,968 1,574,416 (1,541,448) SPDR S&P Emerging Markets Small Cap ETF....... 10,822,691 26,327 2,203,817 (2,177,490) SPDR DJ Wilshire Global Real Estate ETF....... 18,124,034 242,317 2,017,120 (1,774,803) SPDR DJ Wilshire International Real Estate ETF......................................... 1,428,772,333 7,799 487,474,946 (487,467,147) SPDR FTSE/Macquarie Global Infrastructure 100 ETF......................................... 113,549,844 518,632 19,104,694 (18,586,062) SPDR MSCI ACWI ex-US ETF...................... 387,300,266 1,267,136 104,293,029 (103,025,893) SPDR Russell/Nomura PRIME Japan ETF........... 36,495,840 592,009 7,971,067 (7,379,058) SPDR Russell/Nomura Small Cap Japan ETF....... 128,921,126 2,342,927 33,939,785 (31,596,858) SPDR S&P International Consumer Discretionary Sector ETF.................................. 5,113,182 94,787 745,855 (651,068) SPDR S&P International Consumer Staples Sector ETF......................................... 5,488,582 35,567 374,204 (338,637) SPDR S&P International Energy Sector ETF...... 6,278,581 -- 1,312,211 (1,312,211) SPDR S&P International Financial Sector ETF... 4,904,239 73,003 682,369 (609,366) SPDR S&P International Health Care Sector ETF......................................... 6,122,353 42,062 556,015 (513,953) SPDR S&P International Industrial Sector ETF.. 5,454,603 18,257 1,101,797 (1,083,540) SPDR S&P International Materials Sector ETF... 6,279,229 8,595 1,991,325 (1,982,730) SPDR S&P International Technology Sector ETF.. 5,558,639 14,292 1,126,005 (1,111,713) SPDR S&P International Telecommunications Sector ETF.................................. 5,430,202 4,329 870,955 (866,626) SPDR S&P International Utilities Sector ETF... 5,950,151 36,375 923,042 (886,667)
227 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- 6. INVESTMENT TRANSACTIONS For the year ended September 30, 2008, the Trust had in-kind contributions and in-kind redemptions as follows:
CONTRIBUTIONS REDEMPTIONS - ------------------------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF............................................ $ 27,076,469 $ 90,592,464 SPDR DJ EURO STOXX 50 ETF....................................... 279,807,392 395,157,829 SPDR S&P Emerging Asia Pacific ETF.............................. 101,792,536 12,473,310 SPDR S&P China ETF.............................................. 156,913,397 52,703,206 SPDR S&P Emerging Markets ETF................................... 21,432,152 14,881,441 SPDR S&P BRIC 40 ETF............................................ 12,780,012 95,782,607 SPDR S&P Emerging Europe ETF.................................... 78,998,930 -- SPDR S&P Emerging Latin America ETF............................. 76,362,592 22,340,403 SPDR S&P Emerging Middle East & Africa ETF...................... 137,114,285 -- SPDR S&P World ex-US ETF........................................ 21,101,052 -- SPDR S&P International Small Cap ETF............................ 342,128,781 21,515,049 SPDR S&P International Dividend ETF............................. 59,675,852 -- SPDR S&P International Mid Cap ETF.............................. 6,698,991 -- SPDR S&P Emerging Markets Small Cap ETF......................... 4,276,108 -- SPDR DJ Wilshire Global Real Estate ETF......................... 17,625,263 -- SPDR DJ Wilshire International Real Estate ETF.................. 356,276,857 148,974,468 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 53,555,304 -- SPDR MSCI ACWI ex-US ETF........................................ 257,075,517 22,047,351 SPDR Russell/Nomura PRIME Japan ETF............................. -- 228,162,915 SPDR Russell/Nomura Small Cap Japan ETF......................... 16,920,219 49,318,361 SPDR S&P International Consumer Discretionary Sector ETF........ 4,974,942 -- SPDR S&P International Consumer Staples Sector ETF.............. 5,477,457 -- SPDR S&P International Energy Sector ETF........................ 6,048,281 -- SPDR S&P International Financial Sector ETF..................... 4,885,850 -- SPDR S&P International Health Care Sector ETF................... 6,219,232 -- SPDR S&P International Industrial Sector ETF.................... 5,492,574 -- SPDR S&P International Materials Sector ETF..................... 6,285,037 -- SPDR S&P International Technology Sector ETF.................... 5,558,639 -- SPDR S&P International Telecommunications Sector ETF............ 5,401,722 -- SPDR S&P International Utilities Sector ETF..................... 5,880,920 --
The in-kind contributions and in-kind redemptions in this table may not accord with the beneficial interest transactions on the Statements of Changes. The table represents the accumulation of the Fund's daily net shareholder transactions while the Statements of Changes reflect gross shareholder transactions including any cash component of the transaction. 228 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- For the year ended September 30, 2008, the Trust had purchases and sales of investment securities as follows:
PURCHASES SALES - ------------------------------------------------------------------------------------------------ SPDR DJ STOXX 50 ETF............................................ $ 18,616,227 $ 18,553,748 SPDR DJ EURO STOXX 50 ETF....................................... 59,433,914 62,757,484 SPDR S&P Emerging Asia Pacific ETF.............................. 81,232,893 7,839,912 SPDR S&P China ETF.............................................. 6,292,279 6,090,017 SPDR S&P Emerging Markets ETF................................... 6,955,752 4,948,914 SPDR S&P BRIC 40 ETF............................................ 47,492,248 43,483,330 SPDR S&P Emerging Europe ETF.................................... 26,729,444 15,595,491 SPDR S&P Emerging Latin America ETF............................. 19,524,214 5,969,218 SPDR S&P Emerging Middle East & Africa ETF...................... 37,184,403 7,821,003 SPDR S&P World ex-US ETF........................................ 1,400,791 776,066 SPDR S&P International Small Cap ETF............................ 162,515,166 129,473,936 SPDR S&P International Dividend ETF............................. 18,582,434 19,751,618 SPDR S&P International Mid Cap ETF.............................. 1,311,184 1,191,460 SPDR S&P Emerging Markets Small Cap ETF......................... 6,681,962 129,071 SPDR DJ Wilshire Global Real Estate ETF......................... 360,200 380,308 SPDR DJ Wilshire International Real Estate ETF.................. 84,897,172 90,038,691 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............... 9,208,878 5,091,934 SPDR MSCI ACWI ex-US ETF........................................ 17,397,942 11,779,298 SPDR Russell/Nomura PRIME Japan ETF............................. 2,605,895 7,397,801 SPDR Russell/Nomura Small Cap Japan ETF......................... 21,266,178 21,626,980 SPDR S&P International Consumer Discretionary Sector ETF........ 161,245 44,920 SPDR S&P International Consumer Staples Sector ETF.............. 475,341 490,423 SPDR S&P International Energy Sector ETF........................ 261,886 61,079 SPDR S&P International Financial Sector ETF..................... -- -- SPDR S&P International Health Care Sector ETF................... 1,108,306 1,155,485 SPDR S&P International Industrial Sector ETF.................... -- 43,489 SPDR S&P International Materials Sector ETF..................... 227,378 213,906 SPDR S&P International Technology Sector ETF.................... -- -- SPDR S&P International Telecommunications Sector ETF............ -- -- SPDR S&P International Utilities Sector ETF..................... 144,192 77,811
For the year ended September 30, 2008, the Trust did not pay any commissions to an affiliate of the Adviser for investment transactions. 7. CONCENTRATION OF RISK The Funds' assets may be concentrated in one or more foreign countries. By concentrating their assets in a single country or group of countries, the Funds are subject to the risk that economic, political or other conditions that have a negative effect on that country or group of countries will negatively impact the Funds to a greater extent than if the Funds' assets were invested in a wider variety of countries. In addition, the Funds' assets may be concentrated in certain industries, subjecting them to greater risk than funds that invest in a wider range of industries. 8. SECURITIES LENDING Each Fund may lend securities up to 33 1/3% of its total assets to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned, should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. Proceeds collected by State Street on investment of cash collateral or any fee income is partially allocated to State Street as compensation for its lending services. 229 SPDR INDEX SHARES FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) SEPTEMBER 30, 2008 - -------------------------------------------------------------------------------- The market value of securities on loan as of September 30, 2008 and the value of the related collateral are disclosed in the Statements of Assets and Liabilities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent. For the period October 1, 2007 through December 31, 2007, none of the series of the Trust engaged in securities lending except that SPDR DJ STOXX 50 ETF and SPDR DJ EURO STOXX 50 ETF had securities on loan through an unaffiliated lending agent. The income earned by the Funds during this period is presented on the Funds' Statements of Operations. 230 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Trustees and Shareholders of The SPDR Index Shares Funds In our opinion, the accompanying statements of assets and liabilities, including the schedules of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of each of the thirty funds (each a "Fund") comprising The SPDR Index Shares Funds (the "Trust") at September 30, 2008, the results of each of their operations, and the changes in each of their net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Trust's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at September 30, 2008 by correspondence with the custodian and brokers, and the application of alternative auditing procedures where securities purchased had not been received, provide a reasonable basis for our opinion. PricewaterhouseCoopers LLP Boston, Massachusetts November 24, 2008 231 SPDR INDEX SHARES FUNDS OTHER INFORMATION SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- FREQUENCY DISTRIBUTION OF DISCOUNTS AND PREMIUMS CLOSING BID/ASK MIDPOINT PRICE VS. NAV The following charts are provided to show the frequency at which the daily market price on each Fund's primary listing exchange ("Exchange"), the secondary market for shares of each Fund, was at a discount or premium to such Fund's daily net asset value ("NAV"). The market price of each Fund generally is determined using the midpoint between the highest bid and the lowest offer on the Exchange, as of the time that the Fund's NAV is calculated (referred to as the "Bid/Offer Midpoint"). Each Fund's Bid/Offer Midpoint may at times be at, above or below its NAV. The discount or premium is the percentage difference between the NAV and the Bid/Offer Midpoint of a Fund. A discount is the amount that a Fund is trading below the reported NAV, expressed as a percentage of the NAV. A premium is the amount that a Fund is trading above the reported NAV, expressed as a percentage of NAV. The NAV of each Fund will fluctuate with changes in the market value of its portfolio holdings. The Bid/Offer Midpoint of each Fund will fluctuate in accordance with changes in its NAV, as well as supply and demand. SPDR DJ STOXX 50 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ 5 Years Ended: 9/30/2008................ 230 72 10 92 43 14
SPDR DJ EURO STOXX 50 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ 5 Years Ended: 9/30/2008................ 168 53 7 126 71 20
SPDR S&P EMERGING ASIA PACIFIC ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 50 69 32 35 59 26
SPDR S&P CHINA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 53 49 56 41 39 55
232 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR S&P EMERGING MARKETS ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 68 60 14 51 39 5
SPDR S&P BRIC 40 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (6/22/2007) through 9/30/2008..................... 60 63 22 33 37 14
SPDR S&P EMERGING EUROPE ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 83 44 11 35 37 8
SPDR S&P EMERGING LATIN AMERICA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 37 13 2 30 13 0
SPDR S&P EMERGING MIDDLE EAST & AFRICA ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (3/23/2007) through 9/30/2008..................... 79 66 26 31 45 14
233 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR S&P WORLD EX-US ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (4/26/2007) through 9/30/2008..................... 67 63 25 23 10 2
SPDR S&P INTERNATIONAL SMALL CAP ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (4/26/2007) through 9/30/2008..................... 101 70 22 26 10 1
SPDR S&P INTERNATIONAL DIVIDEND ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (2/19/2008) through 9/30/2008..................... 52 22 3 9 3 1
SPDR S&P INTERNATIONAL MID CAP ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (5/13/2008) through 9/30/2008..................... 23 15 3 8 4 1
SPDR EMERGING MARKETS SMALL CAP ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (5/16/2008) through 9/30/2008..................... 10 23 6 8 8 2
234 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR DJ WILSHIRE GLOBAL REAL ESTATE ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (5/13/2008) through 9/30/2008..................... 29 29 0 2 0 1
SPDR DJ WILSHIRE INTERNATIONAL REAL ESTATE ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (12/20/2006) through 9/30/2008..................... 144 69 12 38 23 3
SPDR FTSE/MACQUARIE GLOBAL INFRASTRUCTURE 100 ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (1/30/2007) through 9/30/2008..................... 123 18 2 10 0 2
SPDR MSCI ACWI EX-US ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (1/17/2007) through 9/30/2008..................... 100 39 9 41 16 4
SPDR RUSSELL/NOMURA PRIME JAPAN ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (11/14/2006) through 9/30/2008..................... 56 29 11 69 80 34
235 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR RUSSELL/NOMURA SMALL CAP JAPAN ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (11/14/2006) through 9/30/2008..................... 86 82 14 55 49 25
SPDR S&P INTERNATIONAL CONSUMER DISCRETIONARY SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 11 4 3 5 4 1
SPDR S&P INTERNATIONAL CONSUMER STAPLES SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 10 9 3 4 3 1
SPDR S&P INTERNATIONAL ENERGY SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 10 5 1 7 1 1
SPDR S&P INTERNATIONAL FINANCIAL SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 11 5 3 5 4 1
236 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR S&P INTERNATIONAL HEALTH CARE SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 16 20 3 0 0 1
SPDR S&P INTERNATIONAL INDUSTRIAL SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 16 27 3 0 0 0
SPDR S&P INTERNATIONAL MATERIALS SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 13 25 5 1 0 1
SPDR S&P INTERNATIONAL TECHNOLOGY SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 17 23 3 0 1 0
SPDR S&P INTERNATIONAL TELECOMMUNICATIONS SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 10 6 2 5 2 1
237 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SPDR S&P INTERNATIONAL UTILITIES SECTOR ETF FREQUENCY DISTRIBUTION OF DISCOUNT AND PREMIUMS BID/OFFER MIDPOINT* VS. NAV
BID/OFFER MIDPOINT ABOVE BID/OFFER MIDPOINT BELOW NAV NAV --------------------------- --------------------------- 50-99 100-199 200 50-99 100-199 200 BASIS BASIS BASIS BASIS BASIS BASIS POINTS POINTS POINTS POINTS POINTS POINTS ------ ------- ------ ------ ------- ------ Commencement of Trading (7/22/2008) through 9/30/2008..................... 10 5 3 8 4 1
238 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- SHAREHOLDER EXPENSE EXAMPLE As a shareholder of a Fund, you incur two types of costs: (1) transaction costs which may include creation and redemption fees on brokerage charges and (2) ongoing costs, including management fees, administration, custodian and transfer agent fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 invested at April 1, 2008 and held for the six months ended September 30, 2008. ACTUAL EXPENSES The first table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you incurred over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first table under the heading entitled "Expenses Paid During Period" to estimate the expenses attributable to your investment during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second table provides information about hypothetical account values and hypothetical expenses based on a Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund's actual return. Thus, you should not use the hypothetical account values and expenses to estimate the actual ending account balance or your expenses for the period. Rather, these figures are provided to enable you to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds charge transaction fees ranging from $500 to $12,000 per transaction to those persons creating or redeeming Creation Units. If you buy or sell Shares of the Funds in the secondary market, you will incur customary brokerage commissions and charges. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as creation and redemption fees on brokerage charges. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD** ACTUAL 4/1/08 9/30/08 4/1/08 TO 9/30/08 - ------ ------------- ------------- ----------------- SPDR DJ STOXX 50 ETF.............................. $1,000 $794.10 $1.30 SPDR DJ EURO STOXX 50 ETF......................... 1,000 766.80 1.28 SPDR S&P Emerging Asia Pacific ETF................ 1,000 718.00 2.53 SPDR S&P China ETF................................ 1,000 743.50 2.57 SPDR S&P Emerging Markets ETF..................... 1,000 747.30 2.58 SPDR S&P BRIC 40 ETF.............................. 1,000 734.10 1.73 SPDR S&P Emerging Europe ETF...................... 1,000 696.20 2.54 SPDR S&P Emerging Latin America ETF............... 1,000 760.40 2.64 SPDR S&P Emerging Middle East & Africa ETF........ 1,000 863.40 2.75 SPDR S&P World ex-US ETF.......................... 1,000 779.60 1.56 SPDR S&P International Small Cap ETF.............. 1,000 745.60 2.57 SPDR S&P International Dividend ETF............... 1,000 700.50 2.04 SPDR DJ Wilshire International Real Estate ETF.... 1,000 737.40 2.56 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............................................. 1,000 845.40 2.72 SPDR MSCI ACWI ex-US ETF.......................... 1,000 781.20 1.51 SPDR Russell/Nomura PRIME Japan ETF............... 1,000 840.90 2.30 SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 837.00 2.53
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD** ACTUAL 5/7/08* 9/30/08 5/7/08* TO 9/30/08 - ------ ------------- ------------- ------------------ SPDR S&P International Mid Cap ETF............... $1,000 $734.60 $1.57 SPDR DJ Wilshire Global Real Estate ETF.......... 1,000 801.10 1.81
239 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD** ACTUAL 5/12/08* 9/30/08 5/12/08* TO 9/30/08 - ------ ------------- ------------- ------------------- SPDR S&P Emerging Markets Small Cap ETF.......... $1,000 $625.20 $2.40
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD** ACTUAL 7/16/08* 9/30/08 7/16/08* TO 9/30/08 - ------ ------------- ------------- ------------------- SPDR S&P International Consumer Discretionary Sector ETF..................................... $1,000 $877.10 $1.03 SPDR S&P International Consumer Staples Sector ETF............................................ 1,000 943.00 1.02 SPDR S&P International Energy Sector ETF......... 1,000 797.20 0.95 SPDR S&P International Financial Sector ETF...... 1,000 879.70 0.99 SPDR S&P International Health Care Sector ETF.... 1,000 910.30 1.00 SPDR S&P International Industrial Sector ETF..... 1,000 805.10 0.95 SPDR S&P International Materials Sector ETF...... 1,000 685.60 0.89 SPDR S&P International Technology Sector ETF..... 1,000 801.90 0.95 SPDR S&P International Telecommunications Sector ETF............................................ 1,000 845.50 0.97 SPDR S&P International Utilities Sector ETF...... 1,000 861.30 0.98
* Commencement of operations. ** Expenses are equal to the Fund's annualized net expense ratios of 0.29%, 0.29%, 0.59%, 0.59%, 0.59%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.48%, 0.59%, 0.59%, 0.34%, 0.50%, 0.55%, 0.45%, 0.50%, 0.76%, 0.52%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, and 0.50%, respectively. Expenses are equal to the Funds' annualized expense ratio, multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period (or since commencement of operations), then divided by 366. 240 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
BEGINNING ENDING EXPENSES PAID ACCOUNT VALUE ACCOUNT VALUE DURING PERIOD*** HYPOTHETICAL 4/1/08 9/30/08 4/1/08 TO 9/30/08 - ------------ ------------- ------------- ----------------- SPDR DJ STOXX 50 ETF.............................. $1,000 $1,023.55 $1.47 SPDR DJ EURO STOXX 50 ETF......................... 1,000 1,023.55 1.47 SPDR S&P Emerging Asia Pacific ETF................ 1,000 1,022.05 2.98 SPDR S&P China ETF................................ 1,000 1,022.05 2.98 SPDR S&P Emerging Markets ETF..................... 1,000 1,022.05 2.98 SPDR S&P BRIC 40 ETF.............................. 1,000 1,023.00 2.02 SPDR S&P Emerging Europe ETF...................... 1,000 1,022.00 3.03 SPDR S&P Emerging Latin America ETF............... 1,000 1,022.00 3.03 SPDR S&P Emerging Middle East & Africa ETF........ 1,000 1,022.05 2.98 SPDR S&P World ex-US ETF.......................... 1,000 1,023.25 1.77 SPDR S&P International Small Cap ETF.............. 1,000 1,022.05 2.98 SPDR S&P International Dividend ETF............... 1,000 1,022.60 2.43 SPDR S&P International Mid Cap ETF................ 1,000 1,022.75 2.28 SPDR S&P Emerging Markets Small Cap ETF........... 1,000 1,021.20 3.84 SPDR DJ Wilshire Global Real Estate ETF........... 1,000 1,022.50 2.53 SPDR DJ Wilshire International Real Estate ETF.... 1,000 1,022.05 2.98 SPDR FTSE/Macquarie Global Infrastructure 100 ETF............................................. 1,000 1,022.05 2.98 SPDR MSCI ACWI ex-US ETF.......................... 1,000 1,023.30 1.72 SPDR Russell/Nomura PRIME Japan ETF............... 1,000 1,022.50 2.53 SPDR Russell/Nomura Small Cap Japan ETF........... 1,000 1,022.25 2.78 SPDR S&P International Consumer Discretionary Sector ETF...................................... 1,000 1,022.40 2.63 SPDR S&P International Consumer Staples Sector ETF............................................. 1,000 1,022.50 2.53 SPDR S&P International Energy Sector ETF.......... 1,000 1,022.50 2.53 SPDR S&P International Financial Sector ETF....... 1,000 1,022.50 2.53 SPDR S&P International Health Care Sector ETF..... 1,000 1,022.50 2.53 SPDR S&P International Industrial Sector ETF...... 1,000 1,022.50 2.53 SPDR S&P International Materials Sector ETF....... 1,000 1,022.50 2.53 SPDR S&P International Technology Sector ETF...... 1,000 1,022.50 2.53 SPDR S&P International Telecommunications Sector ETF............................................. 1,000 1,022.50 2.53 SPDR S&P International Utilities Sector ETF....... 1,000 1,022.50 2.53
*** Expenses (hypothetical expenses if the Fund had been in existence from 4/1/08) are equal to the Fund's annualized net expense ratios of 0.29%, 0.29%, 0.59%, 0.59%, 0.59%, 0.40%, 0.60%, 0.60%, 0.59%, 0.35%, 0.59%, 0.48%, 0.45%, 0.76%, 0.50%, 0.59%, 0.59%, 0.34%, 0.50%, 0.55%, 0.52%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, 0.50%, and 0.50%, respectively. Expenses are equal to the Funds' annualized expense ratio, multiplied by the average account value of the period, multiplied by the number of days in the most recent six month period, then divided by 366. 241 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- TAX INFORMATION For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for fiscal year ended September 30, 2008: Percentage of distributions which qualify for the corporate dividends received deduction:
PERCENTAGE - ------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.............................................. --% SPDR DJ EURO STOXX 50 ETF......................................... -- SPDR S&P Emerging Asia Pacific ETF................................ -- SPDR S&P China ETF................................................ -- SPDR S&P Emerging Markets ETF..................................... -- SPDR S&P BRIC 40 ETF.............................................. -- SPDR S&P Emerging Europe ETF...................................... -- SPDR S&P Emerging Latin America ETF............................... -- SPDR S&P Emerging Middle East & Africa ETF........................ -- SPDR S&P World ex-US ETF.......................................... -- SPDR S&P International Small Cap ETF.............................. -- SPDR S&P International Dividend ETF............................... -- SPDR S&P International Mid Cap ETF................................ -- SPDR S&P Emerging Markets Small Cap ETF........................... -- SPDR DJ Wilshire Global Real Estate ETF........................... -- SPDR DJ Wilshire International Real Estate ETF.................... -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 28.34 SPDR MSCI ACWI ex-US ETF.......................................... -- SPDR Russell/Nomura PRIME Japan ETF............................... -- SPDR Russell/Nomura Small Cap Japan ETF........................... -- SPDR S&P International Consumer Discretionary Sector ETF.......... -- SPDR S&P International Consumer Staples Sector ETF................ -- SPDR S&P International Energy Sector ETF.......................... -- SPDR S&P International Financial Sector ETF....................... -- SPDR S&P International Health Care Sector ETF..................... -- SPDR S&P International industrial Sector ETF...................... -- SPDR S&P International Materials Sector ETF....................... -- SPDR S&P International Technology Sector ETF...................... -- SPDR S&P International Telecommunications Sector ETF.............. -- SPDR S&P International Utilities Sector ETF....................... --
242 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- QUALIFIED DIVIDEND INCOME For the fiscal year ended September 30, 2008, a portion of dividends distributed by the Funds are considered qualified dividend income, and are eligible for reduced tax rates. These lower rates range from 5% to 15% depending on the individual's tax bracket. These amounts are noted below:
AMOUNT - -------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.............................................. $ 4,542,598 SPDR DJ EURO STOXX 50 ETF......................................... 12,705,992 SPDR S&P Emerging Asia Pacific ETF................................ 1,030,852 SPDR S&P China ETF................................................ 2,360,156 SPDR S&P Emerging Markets ETF..................................... 915,093 SPDR S&P BRIC 40 ETF.............................................. 4,587,098 SPDR S&P Emerging Europe ETF...................................... 1,455,619 SPDR S&P Emerging Latin America ETF............................... 1,447,351 SPDR S&P Emerging Middle East & Africa ETF........................ 6,094,856 SPDR S&P World ex-US ETF.......................................... 589,401 SPDR S&P International Small Cap ETF.............................. 7,586,416 SPDR S&P International Dividend ETF............................... 1,686,925 SPDR S&P International Mid Cap ETF................................ 69,174 SPDR S&P Emerging Markets Small Cap ETF........................... 27,625 SPDR DJ Wilshire Global Real Estate ETF........................... 67,711 SPDR DJ Wilshire International Real Estate ETF.................... 36,334,725 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 2,835,645 SPDR MSCI ACWI ex-US ETF.......................................... 7,602,007 SPDR Russell/Nomura PRIME Japan ETF............................... 701,322 SPDR Russell/Nomura Small Cap Japan ETF........................... 1,649,192 SPDR S&P International Consumer Discretionary Sector ETF.......... 25,940 SPDR S&P International Consumer Staples Sector ETF................ 31,143 SPDR S&P International Energy Sector ETF.......................... 46,144 SPDR S&P International Financial Sector ETF....................... 28,003 SPDR S&P International Health Care Sector ETF..................... 28,351 SPDR S&P International industrial Sector ETF...................... 25,327 SPDR S&P International Materials Sector ETF....................... 29,989 SPDR S&P International Technology Sector ETF...................... 18,044 SPDR S&P International Telecommunications Sector ETF.............. 38,390 SPDR S&P International Utilities Sector ETF....................... 82,770
For the fiscal year ended September 30, 2008, certain dividends paid by SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF may be subject to a minimum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2008 form 1099-DIV. 243 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- LONG TERM CAPITAL GAIN Long term capital gains dividends were paid from the following Funds during the year ended September 30, 2008.
AMOUNT - ------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.............................................. $ 169,023 SPDR DJ EURO STOXX 50 ETF......................................... 5,130,462 SPDR S&P Emerging Asia Pacific ETF................................ -- SPDR S&P China ETF................................................ -- SPDR S&P Emerging Markets ETF..................................... -- SPDR S&P BRIC 40 ETF.............................................. -- SPDR S&P Emerging Europe ETF...................................... -- SPDR S&P Emerging Latin America ETF............................... -- SPDR S&P Emerging Middle East & Africa ETF........................ -- SPDR S&P World ex-US ETF.......................................... -- SPDR S&P International Small Cap ETF.............................. -- SPDR S&P International Dividend ETF............................... -- SPDR S&P International Mid Cap ETF................................ -- SPDR S&P Emerging Markets Small Cap ETF........................... -- SPDR DJ Wilshire Global Real Estate ETF........................... -- SPDR DJ Wilshire International Real Estate ETF.................... -- SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. -- SPDR MSCI ACWI ex-US ETF.......................................... -- SPDR Russell/Nomura PRIME Japan ETF............................... -- SPDR Russell/Nomura Small Cap Japan ETF........................... -- SPDR S&P International Consumer Discretionary Sector ETF.......... -- SPDR S&P International Consumer Staples Sector ETF................ -- SPDR S&P International Energy Sector ETF.......................... -- SPDR S&P International Financial Sector ETF....................... -- SPDR S&P International Health Care Sector ETF..................... -- SPDR S&P International industrial Sector ETF...................... -- SPDR S&P International Materials Sector ETF....................... -- SPDR S&P International Technology Sector ETF...................... -- SPDR S&P International Telecommunications Sector ETF.............. -- SPDR S&P International Utilities Sector ETF....................... --
For the fiscal year ended September 30, 2008, certain dividends paid by SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia pacific ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, SPDR S&P International Small Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, and SPDR S&P International Utilities Sector ETF may be subject to a maximum tax rate of 15% as provided for by the Internal Revenue Code. The Funds noted above hereby designate the maximum amount of such dividends allowable up to the amount of dividends that were paid during the year. Complete information will be reported in conjunction with the 2008 form 1099-DIV. 244 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- FOREIGN TAX CREDIT The Trust has made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by a Fund to its shareholders. For the year ended September 30, 2008, the total amount of foreign taxes that will be passed through are:
AMOUNT - ------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.............................................. $ 381,597 SPDR DJ EURO STOXX 50 ETF......................................... 1,858,410 SPDR S&P Emerging Asia Pacific ETF................................ 99,928 SPDR S&P China ETF................................................ 20,725 SPDR S&P Emerging Markets ETF..................................... 62,272 SPDR S&P BRIC 40 ETF.............................................. 305,597 SPDR S&P Emerging Europe ETF...................................... 196,934 SPDR S&P Emerging Latin America ETF............................... 110,887 SPDR S&P Emerging Middle East & Africa ETF........................ 203,969 SPDR S&P World ex-US ETF.......................................... 49,606 SPDR S&P International Small Cap ETF.............................. 563,401 SPDR S&P International Dividend ETF............................... 178,438 SPDR S&P International Mid Cap ETF................................ 5,921 SPDR S&P Emerging Markets Small Cap ETF........................... 1,442 SPDR DJ Wilshire Global Real Estate ETF........................... -- SPDR DJ Wilshire International Real Estate ETF.................... 3,862,062 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 145,798 SPDR MSCI ACWI ex-US ETF.......................................... 566,348 SPDR Russell/Nomura PRIME Japan ETF............................... 46,094 SPDR Russell/Nomura Small Cap Japan ETF........................... 115,058 SPDR S&P International Consumer Discretionary Sector ETF.......... 1,582 SPDR S&P International Consumer Staples Sector ETF................ 916 SPDR S&P International Energy Sector ETF.......................... 4,033 SPDR S&P International Financial Sector ETF....................... 2,166 SPDR S&P International Health Care Sector ETF..................... 1,073 SPDR S&P International industrial Sector ETF...................... 1,471 SPDR S&P International Materials Sector ETF....................... 1,016 SPDR S&P International Technology Sector ETF...................... 1,140 SPDR S&P International Telecommunications Sector ETF.............. 2,394 SPDR S&P International Utilities Sector ETF....................... 795
245 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- Amount of foreign source income earned on the following Funds during the year ended September 30, 2008 were as follows:
AMOUNT - -------------------------------------------------------------------------------- SPDR DJ STOXX 50 ETF.............................................. $ 5,211,456 SPDR DJ EURO STOXX 50 ETF......................................... 18,393,851 SPDR S&P Emerging Asia Pacific ETF................................ 3,832,094 SPDR S&P China ETF................................................ 3,153,413 SPDR S&P Emerging Markets ETF..................................... 1,352,801 SPDR S&P BRIC 40 ETF.............................................. 5,262,295 SPDR S&P Emerging Europe ETF...................................... 1,526,171 SPDR S&P Emerging Latin America ETF............................... 2,369,198 SPDR S&P Emerging Middle East & Africa ETF........................ 6,363,749 SPDR S&P World ex-US ETF.......................................... 712,722 SPDR S&P International Small Cap ETF.............................. 8,619,396 SPDR S&P International Dividend ETF............................... 1,927,288 SPDR S&P International Mid Cap ETF................................ 74,255 SPDR S&P Emerging Markets Small Cap ETF........................... 90,768 SPDR DJ Wilshire Global Real Estate ETF........................... -- SPDR DJ Wilshire International Real Estate ETF.................... 45,138,252 SPDR FTSE/Macquarie Global Infrastructure 100 ETF................. 2,579,362 SPDR MSCI ACWI ex-US ETF.......................................... 9,330,953 SPDR Russell/Nomura PRIME Japan ETF............................... 705,164 SPDR Russell/Nomura Small Cap Japan ETF........................... 1,666,048 SPDR S&P International Consumer Discretionary Sector ETF.......... 27,076 SPDR S&P International Consumer Staples Sector ETF................ 32,024 SPDR S&P International Energy Sector ETF.......................... 47,432 SPDR S&P International Financial Sector ETF....................... 29,657 SPDR S&P International Health Care Sector ETF..................... 29,062 SPDR S&P International Industrial Sector ETF...................... 27,068 SPDR S&P International Materials Sector ETF....................... 29,989 SPDR S&P International Technology Sector ETF...................... 18,528 SPDR S&P International Telecommunications Sector ETF.............. 41,059 SPDR S&P International Utilities Sector ETF....................... 103,582
PROXY VOTING POLICIES AND PROCEDURES AND RECORD A description of the Trust's proxy voting policies and procedures that are used by the Funds' investment adviser to vote proxies relating to the Funds' portfolio of securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll-free) or (ii) on the website of the Securities and Exchange Commission ("SEC") at www.sec.gov. Information regarding how the investment adviser voted proxies for the prior 12 months ended June 30 is available by August 31 of each year by calling the same number and on the SEC's website, at www.sec.gov, and on the Funds' website at www.spdrs.com. QUARTERLY PORTFOLIO SCHEDULE The Funds file a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC Public Reference Room in Washington, DC. Information on Form N-Q is available upon request, without charge, by calling 1-866-787-2257 (toll-free), and on the Funds' website www.spdrs.com. 246 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- INVESTMENT ADVISORY CONTRACT RENEWAL During the most recent fiscal six-month period covered by this report, the Board of Trustees of the Trust (the "Board") held in-person meetings to evaluate proposals to continue the Investment Advisory Agreement with respect to the operational series of the Trust (the "Current ETFs"), to continue the Investment Advisory Agreement with respect to the previously approved non-operational series of the Trust and to approve the Investment Advisory Agreement with respect to new series of the Trust (collectively, the "New ETFs" and, together with the Current ETFs, the "ETFs"). The Trustees who are not "interested persons" of the Trust within the meaning of the Investment Company Act of 1940, as amended (the "Independent Trustees") also met separately with their independent legal counsel to consider the Investment Advisory Agreement. In evaluating the Investment Advisory Agreement, the Board drew on materials provided to them by the Adviser and on other materials provided by State Street Bank and Trust Company, the Trust's Administrator, Transfer Agent, Custodian and Securities Lending Agent ("State Street"). In deciding whether to approve the Investment Advisory Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Adviser with respect to the Current ETFs and to be provided by the Adviser with respect to the New ETFs, under the Investment Advisory Agreement, (ii) investment performance of the Current ETFs, (iii) costs to the Adviser of its services and profits realized by the Adviser from its relationship with the Trust, and (iv) the extent to which economies of scale would be realized if and as the ETFs grow and whether the fee levels in the Investment Advisory Agreement reflect these economies of scale. The Board considered the nature, extent and quality of services provided by, or to be provided by, the Adviser. In doing so, they relied on their prior experience with the Trust and materials provided prior to and at the meeting. The Board reviewed the Investment Advisory Agreement and the Adviser's responsibilities for managing investment operations of the Current ETFs and anticipated responsibilities for managing the investment operations of the New ETFs, in accordance with each ETF's investment objective, investment policies, and applicable legal and regulatory requirements. The Board appreciated the relatively unique nature of the ETFs, as exchange-traded funds, and the experience and expertise of the Adviser with exchange-traded funds. The Board considered the background and experience of the Adviser's senior management, including those individuals responsible for portfolio management and compliance of the ETFs. The Board also considered the portfolio management resources, structures and practices, including those associated with monitoring and securing each ETF's compliance with its investment objectives and policies and with applicable laws and regulations. The Board also considered information about the Adviser's best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser's general knowledge of the investment business and that of its affiliates which make up State Street Global Advisors, with which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world's largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board considered the Adviser's experience in managing equity exchange-traded funds. The Board then determined that the nature, extent and quality of the services provided by, or expected to be provided by, the Adviser to the ETFs were necessary and appropriate. The Board reviewed the Current ETFs' performance, noting that the distinctive indexed investment objective of each of the Current ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. The Board was more concerned with the extent to which each Current ETF achieved its objective of replicating the total return of the applicable index. The Board reviewed information regarding each Current ETF's index tracking and tracking error, noting that each Current ETF satisfactorily tracked its benchmark index. The Board then determined that the performance of each Current ETF was satisfactory. The Board considered the profitability of the advisory arrangement with the Current ETFs to the Adviser, including data on the Current ETFs' historical profitability to the Adviser. The Independent Trustees, through their counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations and determined that these methodologies were reasonable. The Board concluded that, to the extent that the Adviser's relationships with the ETFs had been profitable, profitability was not excessive. 247 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- The Board considered whether the Adviser benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft- dollar arrangements in connection with the Trust's brokerage transactions. The Board concluded that, to the extent that the Adviser and its affiliates derive other benefits from their relationship with the Trust, those benefits are not so significant as to cause the Adviser's fees with respect to the ETFs to be excessive. The Board determined that the Adviser is likely to realize economies of scale in managing the ETFs as assets grow in size. The Board further determined that such economies of scale are currently shared with the ETFs by way of the relatively low advisory fee and unitary fee structure of the Trust, although the Board intends to continue to monitor fees as ETFs grow in size and assess whether fee breakpoints may be warranted. The Board evaluated the ETFs' unitary fee through review of comparative information with respect to fees paid by similar funds -- i.e., exchange-traded funds tracking equity indexes. The Board reviewed the universe of similar exchange-traded funds for the ETFs based upon data from Lipper Analytical Services and related comparative information for similar exchange-traded funds. The Board also reviewed the historical expense ratios of the Current ETFs, the estimated expense ratios of the New ETFs, and the unitary fee structure. The Board used a fund-by-fund analysis of the data. The Board concluded, based on the information presented, that each ETF's fees were fair and reasonable in light of those of their direct competitors. The Board, including the Independent Trustees voting separately, approved the Investment Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself. The Board's conclusions regarding the Investment Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Adviser with respect to the Current ETFs and expected to be provided by the Adviser with respect to the New ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each Current ETF had been satisfactory; (c) the Adviser's fees for each ETF and the unitary fee, considered in relation to services provided or expected to be provided, were fair and reasonable; (d) profitability of the Trust's relationship with the Adviser was not excessive; (e) any additional benefits to the Adviser were not of a magnitude materially to affect the Board's conclusions; and (f) fees paid to the Adviser adequately shared the economies of scale with the Current ETFs and fees expected to be paid to the Adviser were expected to share economies of scale with respect to the New ETFs by way of the relatively low fee structure of the Trust. The Board also considered the renewal of the Sub-Advisory Agreement (the "Sub- Advisory Agreement") between the Trust and The Tuckerman Group LLC, an affiliate of the Adviser (the "Sub-Adviser") with respect to the real estate series of the Trust (the "Real Estate ETFs"), after review of materials provided to them at their request by the Adviser, Sub-Adviser and State Street. In deciding whether to renew the Agreement, the Board considered various factors, including (i) the nature, extent and quality of services provided by the Sub-Adviser with respect to the Real Estate ETFs under the Sub-Advisory Agreement, (ii) investment performance of the Real Estate ETFs, (iii) the fees charged by the Sub-Adviser and any additional benefits received by the Sub-Adviser due to its relationship with the Adviser and the Trust, and (iv) the extent to which economies of scale would be realized if and as the Real Estate ETFs grow and whether fee levels in the Sub-Advisory Agreement reflect these economies of scale. The Board considered the background and experience of the Sub-Adviser's senior management and in particular the Sub-Adviser's experience in investing in real estate investment trusts and international real estate securities. The Board considered that the Real Estate ETF with performance history satisfactorily tracked its benchmark index. In light of the Board's determination that the unitary fee paid to the Adviser by the Real Estate ETFs was fair and reasonable and that the Sub-Adviser's fees are paid by the Adviser, the Board did not believe it necessary to evaluate the Sub-Adviser's profitability or any additional benefits that the Sub-Adviser may receive. The Board, including the Independent Trustees voting separately, approved the Sub-Advisory Agreement after weighing the foregoing factors, none of which was dispositive in itself. The Board's conclusions with respect to the Sub-Advisory Agreement were as follows: (a) the nature and extent of the services provided by the Sub-Adviser to the Real Estate ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of the Real Estate ETFs had been satisfactory; (c) the Sub-Adviser's fees for the Real Estate ETFs and the unitary fee, considered in relation to the services provided, were fair and reasonable; (d) any additional benefits to the Sub-Adviser were not of a magnitude materially to affect the Board's conclusions; and (e) the fees paid to the Sub-Adviser adequately shared the economies of scale with the Real Estate ETFs. 248 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- TRUSTEES
NUMBER OF TERM OF PORTFO- OFFICE LIOS AND IN FUND POSI- LENGTH PRINCIPAL COMPLEX OTHER TION(S) OF OCCUPATION(S) OVERSEEN DIRECTORSHIPS NAME, ADDRESS WITH TIME DURING PAST BY HELD BY AND DATE OF BIRTH FUNDS SERVED 5 YEARS TRUSTEE TRUSTEE - ----------------- -------- -------- ------------- -------- ------------- INDEPENDENT TRUSTEES DAVID M. KELLY Indepen- Unlim- Retired. 81 Chicago Stock c/o SPDR Index Shares Funds dent ited Exchange State Street Financial Center Trustee Elected: (Public One Lincoln Street Septem- Governor/ Boston, MA 02111-2900 ber 2000 Director); 1938 Penson Worldwide Inc. (Director); Custodial Trust Co. (Director); SPDR Series Trust (Trustee). FRANK NESVET Indepen- Unlim- Chief 81 SPDR Series c/o SPDR Index Shares Funds dent ited Executive Trust State Street Financial Center Trustee, Elected: Officer, (Trustee). One Lincoln Street Chairman Septem- Libra Group, Boston, MA 02111-2900 ber 2000 Inc. (1998- 1943 present) (a financial services consulting company). HELEN F. PETERS Indepen- Unlim- Professor of 81 Federal Home c/o SPDR Index Shares Funds dent ited Finance, Loan Bank of State Street Financial Center Trustee, Elected: Carroll Boston One Lincoln Street Chair of Septem- School of (Director); Boston, MA 02111-2900 Audit ber 2000 Management, BJ's 1948 Commit- Boston Wholesale tee College Clubs (2003- (Director); present); SPDR Series Dean, Boston Trust College (Trustee). (August 2000- 2003). INTERESTED TRUSTEE JAMES E. ROSS* Inter- Unlim- President, 104 SPDR Series SSgA Funds Management, Inc. ested ited SSgA Funds Trust State Street Financial Center Trustee, Elected Management, (Trustee); One Lincoln Street Presi- Presi- Inc. (2005- Select Sector Boston, MA 02111 dent dent: present); SPDR Trust 1965 May Principal, (Trustee); 2005, SSgA Funds State Street elected Management, Master Funds Trustee: Inc. (2001- (Trustee); November present); and State 2005 Senior Street Managing Institutional Director, Investment State Street Trust Global (Trustee). Advisors (2006- present); Principal, State Street Global Advisors (2000-2006).
* Mr. Ross is an Interested Trustee because of his employment with the Adviser and ownership interest in an affiliate of the Adviser. The Statement of Additional Information includes additional information about the Board of Trustees and is available without charge upon request, by calling 1-866-787-2257 (toll-free). 249 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - -------------------------------------------------------------------------------- OFFICERS
TERM OF PRINCIPAL OFFICE AND OCCUPATION(S) NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS - ----------------- ----------- --------------- ------------- ELLEN M. NEEDHAM Vice Unlimited Principal, SSgA Funds Management, Inc. President Elected: SSgA Funds State Street Financial Center March 2008 Management, One Lincoln Street Inc. (1992- Boston, MA 02111 Present)*; 1967 Managing Director, State Street Global Advisors (1992 to Present)* MICHAEL P. RILEY Vice Unlimited Principal, SSgA Funds Management, Inc. President Elected: State Street State Street Financial Center February 2005 Global One Lincoln Street Advisors Boston, MA 02111 (2005- 1969 present); Assistant Vice President, State Street Bank and Trust Company (2000-2004). GARY L. FRENCH Treasurer Unlimited Senior Vice State Street Bank and Trust Elected: President, Company May 2005 State Street Two Avenue de Lafayette Bank and Boston, MA 02111 Trust Company 1951 (2002- present). RYAN M. LOUVAR Secretary Unlimited Vice State Street Bank and Trust Elected: President and Company August 2008 Senior Four Copley Place Counsel, Boston, MA 02116 State Street 1972 Bank and Trust Company (2005- present)*; Counsel, BISYS Group, Inc. (2000- 2005) (a financial services company). MARK E. TUTTLE Assistant Unlimited Vice State Street Bank and Trust Secretary Elected: President and Company August 2007 Counsel, Four Copley Place State Street Boston, MA 02116 Bank and 1970 Trust Company (2007- Present)*; Assistant Counsel, BISYS Group, Inc. (2005- 2007)* (a financial services company); Sole Practitioner, Mark E. Tuttle Attorney at Law (2004- 2005); Paralegal, John Hancock Financial Services, Inc. (2000- 2004).
* Served in various capacities during noted time period. 250 SPDR INDEX SHARES FUNDS OTHER INFORMATION (CONTINUED) SEPTEMBER 30, 2008 (UNAUDITED) - --------------------------------------------------------------------------------
TERM OF PRINCIPAL OFFICE AND OCCUPATION(S) NAME, ADDRESS POSITION(S) LENGTH OF DURING PAST AND DATE OF BIRTH WITH FUNDS TIME SERVED 5 YEARS - ----------------- ----------- ------------- --------------------------- MATTHEW FLAHERTY Assistant Unlimited Assistant Vice President, State Street Bank and Trust Treasurer Elected: State Street Bank and Trust Company May 2005 (1994-present).* Two Avenue de Lafayette Boston, MA 02111 1971 CHAD C. HALLETT Assistant Unlimited Vice President, State State Street Bank and Trust Treasurer Elected: Street Bank and Trust Company May 2006 Company (2001-Present).* Two Avenue de Lafayette Boston, MA 02111 1969 LAURA F. HEALY Assistant Unlimited Vice President, State State Street Bank and Trust Treasurer Elected: Street Bank and Trust Company November 2007 Company (2002-present).* Two Avenue de Lafayette Boston, MA 02111 1964 JULIE B. PIATELLI Chief Unlimited Principal and Senior SSgA Funds Management, Inc. Compliance Elected: Compliance Officer, SSgA State Street Financial Center Officer August 2007 Funds Management, Inc. One Lincoln Street (2004-present); Vice Boston, MA 02111 President, State Street 1967 Global Advisors (2004- present); Senior Manager, PricewaterhouseCoopers, LLP (1999-2004).
* Served in various capacities during noted time period. 251 THE SPDR(R) FAMILY OF EXCHANGE TRADED FUNDS The following is a list of SPDR ETFs being offered, along with their respective exchange trading symbols. PLEASE CALL 1-866-787-2257 TO OBTAIN A PROSPECTUS FOR ANY SPDR ETF. THE PROSPECTUS CONTAINS MORE COMPLETE INFORMATION, INCLUDING CHARGES, EXPENSES, INVESTMENT OBJECTIVES AND RISK FACTORS THAT SHOULD BE CAREFULLY CONSIDERED TO DETERMINE IF THE FUND(S) ARE AN APPROPRIATE INVESTMENT FOR YOU. READ THE PROSPECTUS(ES) CAREFULLY BEFORE INVESTING. INVESTING INVOLVES RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL. SPDR INDEX SHARES FUNDS SPDR DJ STOXX 50 ETF (FEU) SPDR DJ EURO STOXX 50 ETF (FEZ) SPDR S&P Emerging Asia Pacific ETF (GMF) SPDR S&P China ETF (GXC) SPDR S&P Emerging Markets ETF (GMM) SPDR S&P BRIC 40 ETF (BIK) SPDR S&P Emerging Europe ETF (GUR) SPDR S&P Emerging Latin America ETF (GML) SPDR S&P Emerging Middle East & Africa ETF (GAF) SPDR S&P World ex-US ETF (GWL) SPDR S&P International Small Cap ETF (GWX) SPDR S&P International Dividend ETF (DWX) SPDR S&P International Mid Cap ETF (MDD) SPDR S&P Emerging Markets Small Cap ETF (EWX) SPDR DJ Wilshire Global Real Estate ETF (RWO) SPDR DJ Wilshire International Real Estate ETF (RWX) SPDR FTSE/Macquarie Global Infrastructure 100 ETF (GII) SPDR MSCI ACWI ex-US ETF (CWI) SPDR Russell/Nomura PRIME Japan ETF (JPP) SPDR Russell/Nomura Small Cap Japan ETF (JSC) SPDR S&P International Consumer Discretionary Sector ETF (IPD) SPDR S&P International Consumer Staples Sector ETF (IPS) SPDR S&P International Energy Sector ETF (IPW) SPDR S&P International Financial Sector ETF (IPF) SPDR S&P International Health Care Sector ETF (IRY) SPDR S&P International Industrial Sector ETF (IPN) SPDR S&P International Materials Sector ETF (IRV) SPDR S&P International Technology Sector ETF (IPK) SPDR S&P International Telecommunications Sector ETF (IST) SPDR S&P International Utilities Sector ETF (IPU) SPDR SERIES TRUST SPDR DJ Wilshire Total Market ETF (TMW) SPDR DJ Wilshire Large Cap ETF (ELR) SPDR DJ Wilshire Large Cap Growth ETF (ELG) SPDR DJ Wilshire Large Cap Value ETF (ELV) SPDR DJ Wilshire Mid Cap ETF (EMM) SPDR DJ Wilshire Mid Cap Growth ETF (EMG) SPDR DJ Wilshire Mid Cap Value ETF (EMV) SPDR DJ Wilshire Small Cap ETF (DSC) SPDR DJ Wilshire Small Cap Growth ETF (DSG) SPDR DJ Wilshire Small Cap Value ETF (DSV) SPDR DJ Global Titans ETF (DGT) SPDR DJ Wilshire REIT ETF (RWR) SPDR KBW Bank ETF (KBE) SPDR KBW Capital Markets ETF (KCE) SPDR KBW Insurance ETF (KIE) SPDR Morgan Stanley Technology ETF (MTK) SPDR S&P Dividend ETF (SDY) SPDR S&P Biotech ETF (XBI) SPDR S&P Homebuilders ETF (XHB) SPDR S&P Metals & Mining ETF (XME) SPDR S&P Oil & Gas Equipment & Services ETF (XES) SPDR S&P Oil & Gas Exploration & Production ETF (XOP) SPDR S&P Pharmaceuticals ETF (XPH) SPDR S&P Retail ETF (XRT) SPDR S&P Semiconductor ETF (XSD) SPDR KBW Regional Banking ETF (KRE) SPDR Lehman 1-3 Month T-Bill ETF (BIL) SPDR Lehman Short Term Municipal Bond ETF (SHM) SPDR Lehman Intermediate Term Treasury ETF (ITE) SPDR Lehman Long Term Treasury ETF (TLO) SPDR Barclays Capital TIPS ETF (IPE) SPDR Lehman California Municipal Bond ETF (CXA) SPDR Lehman New York Municipal Bond ETF (INY) SPDR Lehman Municipal Bond ETF (TFI) SPDR Lehman Aggregate Bond ETF (LAG) SPDR Lehman International Treasury Bond ETF (BWX) SPDR Lehman High Yield Bond ETF (JNK) SPDR DB International Government Inflation-Protected Bond ETF (WIP) THE SELECT SECTOR SPDR TRUST The Consumer Discretionary Select Sector SPDR Fund (XLY) The Consumer Staples Select Sector SPDR Fund (XLP) The Energy Select Sector SPDR Fund (XLE) The Financial Select Sector SPDR Fund (XLF) The Health Care Select Sector SPDR Fund (XLV) The Industrial Select Sector SPDR Fund (XLI) The Materials Select Sector SPDR Fund (XLB) The Technology Select Sector SPDR Fund (XLK) The Utilities Select Sector SPDR Fund (XLU) DIAMONDS TRUST, SERIES 1 (DIA) SPDR TRUST, SERIES 1 (SPY) State Street Global Markets, LLC, member FINRA, SIPC, is distributor for all investment portfolios of SPDR Series Trust and SPDR Index Shares Funds. ALPS Distributors, Inc., a registered broker-dealer, is distributor for SPDR Trust and DIAMONDS Trust, both unit investment trusts, and all investment portfolios of The Select Sector SPDR Trust. SPDR INDEX SHARES FUNDS TRUSTEES David M. Kelly Frank Nesvet Helen F. Peters James E. Ross OFFICERS James E. Ross, President Ellen M. Needham, Vice President Michael P. Riley, Vice President Gary L. French, Treasurer Matthew W. Flaherty, Assistant Treasurer Chad C. Hallett, Assistant Treasurer Laura F. Healy, Assistant Treasurer Ryan M. Louvar, Secretary Mark E. Tuttle, Assistant Secretary Julie B. Piatelli, Chief Compliance Officer INVESTMENT MANAGER SSgA Funds Management, Inc. State Street Financial Center One Lincoln Street Boston, MA 02111 DISTRIBUTOR State Street Global Markets, LLC One Lincoln Street Boston, MA 02111 CUSTODIAN, ADMINISTRATOR AND TRANSFER AGENT State Street Bank and Trust Company One Lincoln Street Boston, MA 02111 LEGAL COUNSEL Morgan, Lewis and Bockius LLP 1111 Pennsylvania Avenue, NW Washington, DC 20004 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM PricewaterhouseCoopers LLP 125 High Street Boston, MA 02110 Fund Shares are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC; member FINRA, SIPC. The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting WWW.SPDRS.COM Please read the prospectus carefully before you invest. State Street Global Advisors State Street Financial Center One Lincoln Street Boston, MA 02111 The investment return and principal value of an investment in the Funds will fl uctuate in value, so that when shares are sold or redeemed they may be worth more or less than when they were purchased. ETFs trade like stocks, are subject to investment risk and will fl uctuate in market value. SPDR DJ STOXX 50 ETF, SPDR DJ EURO STOXX 50 ETF, SPDR S&P Emerging Asia Pacifi c ETF, SPDR S&P China ETF, SPDR S&P Emerging Markets ETF, SPDR S&P BRIC 40 ETF, SPDR S&P Emerging Europe ETF, SPDR S&P Emerging Latin America ETF, SPDR S&P Emerging Middle East & Africa ETF, SPDR S&P World ex-US ETF, S&P International Small Cap ETF, SPDR S&P International Dividend ETF, SPDR S&P International Mid Cap ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR DJ Wilshire Global Real Estate ETF, SPDR DJ Wilshire International Real Estate ETF, SPDR FTSE/ Macquarie Global Infrastructure 100 ETF, SPDR MSCI ACWI ex-US ETF, SPDR Russell/ Nomura PRIME Japan ETF, SPDR Russell/Nomura Small Cap Japan ETF, SPDR S&P International Consumer Discretionary Sector ETF, SPDR S&P International Consumer Staples Sector ETF, SPDR S&P International Energy Sector ETF, SPDR S&P International Financial Sector ETF, SPDR S&P International Health Care Sector ETF, SPDR S&P International Industrial Sector ETF, SPDR S&P International Materials Sector ETF, SPDR S&P International Technology Sector ETF, SPDR S&P International Telecommunications Sector ETF, SPDR S&P International Utilities Sector ETF: In addition to the normal risks associated with equity investing, narrowly focused investments and investments in smaller companies typically exhibit higher volatility and price fl uctuation. For all SPDR Index Shares Funds: International investments may involve risk of capital loss from unfavorable fl uctuations in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. In general, Fund shares can be expected to move up or down in value with the value of the applicable index. Although Fund shares may be bought and sold on the exchange through any brokerage account, Fund shares are not individually redeemable from the Fund. Investors may acquire Fund Shares and tender them for redemption through the Fund in Creation Unit Aggregations only. Please see the prospectus for more details. The Funds are not sponsored, endorsed, sold, or promoted by Dow Jones & Company, Time Inc., FTSE International Limited, Macquarie Bank Limited, The London Stock Exchange Place, The Financial Times Limited, Morgan Stanley Capital International Inc., Russell Investment Group, Standard & Poor's and Wilshire Associates. Neither do these companies make any representation regarding the advisability of investing in the Funds. The Funds are distributed by State Street Global Markets, LLC, a wholly-owned subsidiary of State Street Corporation. State Street Global Markets, LLC is a member of FINRA, SIPC. References to State Street may include State Street Corporation and its affi liates. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested. The Funds pay State Street for its services as investment advisor, custodian, administrator, securities lending agent, transfer agent and shareholder servicing agent. Please read the prospectus carefully before you invest or send money. (C) 2008 State Street Corporation STISFAR For more complete information, please call 866.787.2257 or visit spdrs.com today ITEM 2. CODE OF ETHICS. As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics"). During the period covered by this report, no substantive amendments were made to the Code of Ethics. During the period covered by this report, the registrant did not grant any waivers, including any implicit waivers, from any provision of the Code of Ethics. The Code of Ethics is attached hereto as Exhibit 12(a)(1). ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a)(1) The Board of Trustees of the registrant has determined that the registrant has one Board member serving on the Audit Committee that possess the attributes identified in Instructions 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert." (2) Frank Nesvet is the registrant's audit committee financial expert. The Board also determined that Mr. Nesvet is not an "interested person(s)" of the registrant as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Audit Fees. For the fiscal years ending September 30, 2008 and September 30, 2007, the aggregate audit fees billed for professional services rendered by the principal accountant were $459,900 and $265,538, respectively. The nature of the services are (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each series of the registrant; (2) auditing and reporting on the financial statements to be included in the amendment to the registrant's registration statement on Form N-1A to be filed with the Securities and Exchange Commission; (3) review of the amendment to the registration statement; and (4) issuance of a Report on Internal Control for inclusion in the registrant's Form N-SAR. (b) Audit-Related Fees. For the fiscal years ending September 30, 2008 and September 30, 2007, the principal accountant did not bill the registrant any fees for assurances and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. (c) Tax Fees. For the fiscal years ending September 30, 2008 and September 30, 2007, the aggregate tax fees billed for professional services rendered by the principal accountant were $240,000 and $123,200, respectively. Services included the review of the registrant's federal, state and local income, franchise and other tax returns. (d) All Other Fees. There were no other fees billed by the principal accountant for the fiscal years ending September 30, 2008 and September 30, 2007. (e)(1) Audit Committee Pre-Approval Policies and Procedures. The registrant's Audit Committee Charter states the following with respect to pre-approval procedures: Before the independent auditors are engaged by the Trust to render audit or non-audit services, either: a. The Audit Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) provided to the Trust. The Audit Committee may delegate to one or more of its members the authority to grant pre-approvals. Any decision of any member to whom authority is delegated under this section shall be presented to the full Audit Committee at its next regularly scheduled meeting; or b. The engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee. Any such policies and procedures must (1) be detailed as to the particular service and (2) not involve any delegation of the Audit Committee's responsibilities to the investment adviser. The Audit Committee must be informed of each service entered into pursuant to the policies and procedures. A copy of any such policies and procedures shall be attached as an exhibit to the Audit Committee Charter. c. De Minimis Exceptions to Pre-Approval Requirements. Pre-Approval for a service provided to the Trust other than audit, review or attest services is not required if: (1) the aggregate amount of all such non-audit services provided to the Trust constitutes not more than 5 percent of the total amount of revenues paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided; (2) such services were not recognized by the Trust at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and are approved by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee prior to the completion of the audit. d. Pre-Approval of Non-Audit Services Provided to the investment adviser and Certain Control Persons. The Audit Committee shall pre-approve any non-audit services proposed to be provided by the independent auditors to (a) the investment adviser and (b) any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Trust, if the independent auditors' engagement with the investment adviser or any such control persons relates directly to the operations and financial reporting of the Trust. It shall be the responsibility of the independent auditors to notify the Audit Committee of any non-audit services that need to be pre-approved. e. Application of De Minimis Exception: The De Minimis exception set forth above applies to pre-approvals under this Section as well, except that the "total amount of revenues" calculation is based on the total amount of revenues paid to the independent auditors by the Trust and any other entity that has its services approved under this Section (i.e., the investment adviser or any control person). (e)(2) Percentage of Services. One hundred percent of the services described in each of paragraphs (b) through (d) of this Item were approved by the registrant's Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. (f) Not applicable. (g) For the fiscal years ending September 30, 2008 and September 30, 2007, the aggregate non-audit fees for services rendered by PwC to the registrant and SSgA Funds Management, Inc. (the "Adviser") and any entity controlling, controlled by, or under common control with the Adviser that provided ongoing services to the registrant were $7,631,000 and $7,265,000, respectively. (h) Not applicable. ITEM 5. DISCLOSURE OF AUDIT COMMITTEES FOR LISTED COMPANIES. The registrant has an audit committee which was established by the Board of Trustees of the registrant in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the registrant's audit committee are Frank Nesvet, David Kelly and Helen Peters. ITEM 6. SCHEDULE OF INVESTMENTS. The schedule of investments is included as part of the report to shareholders filed under Item 1 of this Form. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. Not applicable to the registrant. ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. Not applicable to the registrant. ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant's Board. ITEM 11. CONTROLS AND PROCEDURES. (a) Within 90 days of the filing date of this Form N-CSR, James Ross, the registrant's President and Principal Executive Officer, and Gary L. French, the registrant's Treasurer and Principal Financial Officer, reviewed the registrant's disclosure controls and procedures and evaluated their effectiveness. Based on their review, Messrs. Ross and French determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the Securities and Exchange Commission. (b) There were no significant changes in the registrant's internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses. ITEM 12. EXHIBITS. (a)(1) Code of Ethics referred to in Item 2. (a)(2) Separate certifications required by Rule 30a-2 under the Investment Company Act of 1940 for each principal executive officer and principal financial officer of the registrant are attached. (a)(3) Not applicable (b) A single certification required by Rule 30a-2(b) under the Investment Company Act of 1940, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. SPDR(R) Index Shares Funds By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer Date: November 24, 2008 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer Date: November 24, 2008 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: November 24, 2008 EX-99.12(A)(1) 2 b72426a1exv99w12xayx1y.txt CODE OF CONDUCT FOR CEO & PFO EXHIBIT 12(A)(1) SPDR(R) SERIES TRUST SPDR(R) INDEX SHARES FUNDS CODE OF CONDUCT FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS I. COVERED OFFICERS/PURPOSE OF THE CODE This Code of Conduct (the "Code") shall apply to the SPDR(R) Series Trust's and SPDR(R) Index Shares Funds' (each, a "Trust") Principal Executive Officer, Principal Financial Officer, Controller, Principal Accounting Officer and persons performing similar functions (the "Covered Officers," each of whom is named in Exhibit A attached hereto) for the purpose of promoting: - - honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; - - full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trust; - - compliance with applicable laws and governmental rules and regulations; - - the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and - - accountability for adherence to the Code. Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. II. COVERED OFFICERS SHOULD HANDLE ETHICALLY ACTUAL AND APPARENT CONFLICTS OF INTEREST OVERVIEW. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Trust. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Trust. All Covered Officers should conduct themselves such that a reasonable observer would have no grounds for belief that a conflict of interest exists. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Trust to further their own or any other related person's business opportunities. 1 This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Trust's investment adviser or distributor. Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Trust and its service providers, including investment adviser, of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trust, the investment adviser, or other service providers), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended ("Investment Advisers Act"), such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust. * * * * Each Covered Officer must not: - - use his personal influence or personal relationship improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust; - - cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust; or - - retaliate against any other Covered Officer or any employee of the Trust or its affiliated persons for reports of potential violations by the Trust of applicable rules and regulations that are made in good faith. Each Covered Officer must discuss certain material conflict of interest situations with the Trust's Audit Committee. Examples of such situations include: - - service as a director, trustee, general partner, or officer of any unaffiliated business organization. This rule does not apply to charitable, civic, religious, public, political, or social organizations, the activities of which do not conflict with the interests of the Trust; - - the receipt of any non-nominal gifts (valued greater than $100.00); 2 - - the receipt of any entertainment from any company with which the Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as raise any question of impropriety; - - any ownership interest in, or any consulting or employment relationship with, any of the Trust's service providers, other than its investment adviser, principal underwriter, administrator, transfer agent, custodian or any affiliated person thereof; and - - a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Trust for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership. III. DISCLOSURE AND COMPLIANCE - - Each Covered Officer will monitor the compliance of the Trust and the Trust's service providers with federal or state statutes, regulations or administrative procedures that affect the operation of the Trust. - - Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust's Board, Trust's Audit Committee and the Trust's independent auditors, and to governmental regulators and self-regulators and self-regulatory organizations. - - Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Trust and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other public communications made by the Trust. - - Each Covered Officer will exhibit and promote the highest standards of honest and ethical conduct through the establishment and operation of policies and procedures that encourage professional integrity in all aspects of the Trust's operations. IV. REPORTING AND ACCOUNTABILITY Each Covered Officer must: - - upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a report in the form of Exhibit B to the Trust's compliance officer affirming that he or she has received, read, and understands the Code; 3 - - annually sign and return a report in the form of Exhibit C to the Trust's compliance officer as an affirmation that he or she has complied with the requirements of the Code; and - - notify the Trust's Audit Committee promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code. The Trust's Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Persons. The Audit Committee will follow these procedures in investigating and enforcing this Code: - - The Audit Committee will take all appropriate actions to investigate any potential violations reported to the Committee. - - If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee is not required to take any further action. - - Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board. - - If the Board concurs that a violation has occurred, it will notify the appropriate personnel of the applicable service provider and may dismiss the Covered Officer as an officer of the Trust. - - The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate. - - Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules. V. OTHER POLICIES AND PROCEDURES This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Fund's investment adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's, investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the Investment Company Act and the investment adviser's more detailed policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code. 4 VI. AMENDMENTS Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Trustees. 5 VII. CONFIDENTIALITY All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trust's Board or Audit Committee. VIII. INTERNAL USE The Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of Trust, as to any fact, circumstance, or legal conclusion. Adopted by SPDR(R) Series Trust: August 18, 2003 Adopted by SPDR(R) Index Shares Funds: July 1, 2004 Updated: August 1, 2007 6 EXHIBIT A Persons Covered by this Code of Ethics as of May 23, 2005:
TITLE NAME - ----------------------------------------- ---------------- President and Principal Executive Officer James Ross Vice President Michael P. Riley Treasurer and Principal Financial Officer Gary French
7 EXHIBIT B INITIAL CERTIFICATION FORM This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR(R) Series Trust and SPDR(R) Index Shares Funds (each, a "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein. Please sign your name here: _______________________________ Please print your name here: ______________________________ Please date here: _________________________________________ 8 EXHIBIT C ANNUAL CERTIFICATION FORM This is to certify that I have read and understand the Code of Conduct for Principal Executive and Senior Financial Officers of SPDR(R) Series Trust and SPDR(R) Index Shares Funds (each, a "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein. This is to further certify that I have complied with the policies and procedures set forth in each Code during my tenure as a Covered Officer, as defined in the Code. Please sign your name here: _______________________________ Please print your name here: ______________________________ Please date here: _________________________________________ 9 EX-99.12(A)(2) 3 b72426a1exv99w12xayx2y.txt CERTIFICATIONS OF PEO & PFO EXHIBIT 12(A)(2) CERTIFICATIONS I, James Ross, President and Principal Executive Officer of SPDR(R) Index Shares Funds, certify that: 1. I have reviewed this report on Form N-CSR of SPDR(R) Index Shares Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 24, 2008 By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer I, Gary L. French, Treasurer and Principal Financial Officer of SPDR(R) Index Shares Funds, certify that: 1. I have reviewed this report on Form N-CSR of SPDR(R) Index Shares Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: November 24, 2008 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer EX-99.12(B) 4 b72426a1exv99w12xby.txt CERTIFICATIONS EXHIBIT 12(B) I, James Ross, President and Principal Executive Officer, and I, Gary L. French, Treasurer and Principal Financial Officer, of SPDR(R) Index Shares Funds (the "Trust") each certify that: 1. This Form N-CSR filing for the Trust (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and 2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust. By: /s/ James Ross --------------------------------- James Ross President and Principal Executive Officer Date: November 24, 2008 By: /s/ Gary L. French --------------------------------- Gary L. French Treasurer and Principal Financial Officer Date: November 24, 2008 -----END PRIVACY-ENHANCED MESSAGE-----